(MENAFN) Dana Gas, the United Arab Emirates energy firm announced it has been awarded exploration deals for two onshore gas blocks in Egypt, Gulf Business reported.
Dana Gas will operate the North El Salhiya onshore concession area in partnership with British company BP to explore El Matariya on a 50:50 ownership basis, in an agreement which would make BP fund all of the cost, including Dana Gas's share, of one exploration well up to an agreed maximum limit.
Then, if the well proves to be commercial, BP will have the option to buy up to 50 percent stakes in Dana Gas' adjacent development leases.
Dana Gas, which relies on Egypt for over half of its output, said that it expects to recover the vast majority of its USD297 million, which the Egyptian government owes it by 2018.
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