The United Arab Emirates' Dana Gas has signed an agreement for BP to pay for part of its exploration costs in the El Matriya onshore concession area in Egypt, the UAE firm said on Tuesday.
BP will pay for up to $39 million of
United Arab Emirates energy firm Dana Gas posted a 73.3 per cent drop in its first-quarter net profit on Tuesday due to lower hydrocarbon prices but said it was pressing ahead with an offshore gas project in its home country.
Abu Dhabi-listed Dana Gas reported a fourth-quarter loss on Thursday that the company blamed on lower oil prices and an impairment charge.
Dana Gas, based in Sharjah, one of the seven emirates in the UAE, made a net loss of Dh15 m
Dana Gas, the Middle East's leading regional private sector natural gas company, has received $60 million (Dh220 million) from the Egyptian Government.
The payment represents 28 per cent of the total overdue receivables of $21
The UAE-based Dana Gas said it was in talks with the Egyptian government to secure a higher price for some of the natural gas it extracts, as the North African country moves to encourage investment in energy.
UAE-based Dana Gas said it was in talks with the Egyptian government to secure a higher price for some of the natural gas it extracts, as the North African country moves to encourage investment in energy.
Steadily declining gas pr
Dana Gas, the UAE energy firm, reported a 36 per cent rise in third-quarter net profit on Wednesday as production increased and it reined in costs.
The Sharjah-based company made a profit of $38 million in the three months to Sept