Dana Gas considering sale of Egypt assets
This comes as the company seeks to focus on its assets in the Kurdistan Region of Iraq, where the majority of its reserves are located
Dana Gas is eyeing a potential sale of its Egyptian oil and gas assets, according to a statement it submitted to the Abu Dhabi Securities Exchange. The company has hired financial advisors to review the assets.
In the statement Dana Gas noted that this falls under its strategy to further develop and boost production from its operations in the Kurdistan Region of Iraq, which it estimates contains more than 90% of the company's reserves.
This follows an announcement that Dana Gas would plug its offshore Merak-1 well after failing to discover commercial quantities of hydrocarbons. When it began drilling the well in May 2019, it estimated a possible 4trn cubic feet of natural gas.
While the assessment is underway, it will continue its operations in Egypt normally.