Dana Gas, the Middle East’s largest regional private sector natural gas company, has received a payment of $19 million from its operations in Egypt. 

 

This payment is made up of a $10 million payment from the government in Egyptian pounds and $9 million from the sale of a shipment of El Wastani condensate, the company said.

 

The payment is part of the government’s ongoing efforts to reduce their receivables position to zero in 2019. In 2018, the company made good progress in reducing its outstanding balance of overdue receivables. As at December 31, 2018, the net receivables position reduced by 39% to $140 million, the lowest level since 2011, it said. 

 

Dana Gas is the Middle East's first and largest regional private sector natural gas company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 63,050boepd in 2018. With sizeable assets in Egypt, KRI and the UAE, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (Menasa) region.  - TradeArabia News Service