CAIRO - 13 February 2023: The UAE company, Dana Gas, will inject $100 million into the Egyptian market during two years; 2022 and 2023, according to the CEO of the company, Patrick Allman.
Allman said in a TV interview that his company is interested in the bids that Egypt intends to put up soon for oil and gas exploration.
"We are currently studying the items related to this investment opportunity,” he added.
Allman’s statements came in the wake of the Egyptian Ministry of Petroleum announcement that it has plans to launch three international bids for oil and gas exploration during 2023.
Egypt’s Minister of Petroleum, Tarek el-Molla announced on Sunday that four international bids have been launched on Egypt's digital portal for exploration and production that was launched early 2021.
El-Molla added that it is planned to launch three international bids during the current year.
The net profit of Dana Gas decreased by 42 percent to 667 million dirhams in 2022, compared to profits of 1.16 billion dirhams in 2021.