Dana Fuel has acquired a $50 million (AED 184 million) cost from the Egyptian authorities, easing excellent receivables and supporting the corporate’s increasing drilling programme within the nation.
The cost is linked to the Consolidation Settlement signed in December 2024, which unified Dana Fuel’s Egyptian concessions below improved fiscal phrases designed to speed up upstream funding. The settlement additionally granted extra acreage earmarked for brand spanking new exploration drilling, strengthening the corporate’s long-term development prospects in Egypt.
Because the programme started, Dana Fuel has drilled 4 wells, together with the North ElBasant 1 discovery, estimated to carry round 15 billion cubic ft (bcf) of recoverable fuel. These wells have added 18 million normal cubic ft per day (mmscfd) of manufacturing and delivered a fabric improve in reserves. In parallel, the corporate has accomplished workovers on three present wells, contributing a further 9 mmscfd, with additional candidates below analysis for 2026.
Dana Fuel plans to drill seven extra wells subsequent yr, with the Daffodil exploration properly scheduled to spud in January. The expanded drilling marketing campaign kinds a part of an 11-well funding programme anticipated to be accomplished in 2026.
Chief Government Richard Corridor mentioned the newest cost would assist fund the corporate’s funding plans in Egypt and underlined the significance of well timed authorities settlements in sustaining drilling momentum. He added that the programme is already delivering tangible outcomes, bringing new fuel volumes on-line whereas reinforcing Egypt’s home power provide.
Egypt has turn out to be more and more reliant on imported LNG and gasoline oil in recent times as home manufacturing declined. Dana Fuel estimates that its 11-well programme might generate greater than $1 billion in financial financial savings by displacing imported LNG and mazut with regionally produced fuel, supporting power safety and decreasing international foreign money outflows.
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