Dana Gas signs participating agreement with BP in Egypt | GulfNews.com

Dana Gas signs participating agreement with BP in Egypt | GulfNews.com:



"UAE-based Dana Gas said that it has completed an agreement with BP in which the latter will charge Dana for the drilling of the first exploration well in the Al Matariya onshore concession area in Egypt’s Nile Delta.



The concession was awarded to BP and Dana in the EGAS 2014 International Bid Round. Under the terms of the agreement, BP as the operator will carry Dana Gas for its 50 per cent share of the cost of the well, subject to an agreed cap of $39 million (Dh143.27 million), which is Dana’s share, the company announced in a statement.



In consideration for the carry, BP has the option, subject to government approval, to farm into parts of Dana Gas’s West Al Manzala (WEM) concession area while retaining WEM operatorship and ownership of the existing and future shallow gas business with Dana Gas."



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