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Egypt’s total debts to foreign oil firms active in the country rose by over $200mn in the first quarter of 2015, according to MEES estimates based on the five IOCs to have reported figures. Dana Gas saw its receivables rise by $10mn to $243mn. Despite this, Dana agrees with the general consensus that Cairo is on the right track. In its Q1 results, released earlier this month, it flagged its recently signed gas production enhancement agreement (GPEA). “With the GPEA project in Egypt making progress, we are in good shape to not only sustain but markedly increase our production in Egypt in the medium term.” Dr Patrick Allman-Ward, the firm’s CEO says.
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