Egypt settles $21.5mln in Dana Gas dues as firm expands drilling after major gas discovery

Egypt has settled all overdue payments owed to Dana Gas and continues to make full and timely payments, the company said on Tuesday, after receiving an additional AED 79 million ($21.5 million) from the government.

According to the company’s statement, the settlement has boosted Dana Gas’ confidence in expanding investment in Egypt, where the company is implementing a $100 million investment programme aimed at stabilising and increasing production across its Nile Delta assets.

Dana Gas said its latest drilling results exceeded expectations, with a recently drilled well identifying an estimated 10 billion cubic feet (Bcf) of gas reserves, compared with an initial estimate of 3 Bcf. The discovery could also unlock a further 12 Bcf of gas resources across the licence area once developed.

The company plans to drill four additional wells in Egypt before the end of 2026.

Dana Gas reported average production of 13,060 barrels of oil equivalent per day (boepd) in the first quarter of 2026, up 4 per cent year on year and marking its first production increase since 2017.

In 2025, the company drilled four wells and conducted workovers on three others, adding around 30 million standard cubic feet per day (MMscf/d) of production and 36 Bcf of reserves.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser