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UAE-based Dana Gas received $111 million in arrears payments from the Egyptian Ministry of Petroleum. The company’s average production in Egypt has declined to 34,500 bpd from 39,600 bpd during the first nine months of 2018, the company stated.
The reduction happened due to the natural decline in the fields’ production rates and the company’s decision to delay making any new investments due to unpaid arrears.
The Ministry of Petroleum will settle its total arrears of $1.2 billion to international oil companies (IOCs) by the end of 2019, according to recent media reports out of the North African country.