Dana Gas has announced that it is planning to drill a gas well in partnership with BP Egypt from April, with results anticipated in October.

According to the company, the effect of lower oil prices on the company is inconsequential, as 90% of its business is focused on the gas sector.

“We are maintaining our production level in Egypt. We have concluded a gas production enhancement agreement with the Egyptian government,” Patrick Allan-Ward, the CEO of Dana Gas told Energy Egypt.

He added that the company is looking to use $355 million of its capital expenditure to invest in drilling and developing wells as well as boosting its output in Egypt. He noted that Dana Gas is eager to drill a gas well as the government of Egypt paid $150 million out of the company’s $250 million unpaid debt.

Anita Fatunji