UAE’s Dana Gas In Talks With Egypt Over Revising Gas Prices

United Arab Emirates-based Dana Gas is in talks with the Egyptian government to secure a more competitive price for some of the natural gas it extracts in the energy-short country, its chief executive said on Thursday.

The Egyptian authorities have been negotiating with a number of international energy firms, including Italy’s Eni and Germany’s RWE DE, to improve the price which they are paid for gas, at a time when the North African country is suffering from energy shortages and an unattractive investment environment after political upheaval in recent years.

“Our existing concession agreements in relatively low cost environments onshore don’t fall into that category but we do have some shallow gas in our existing onshore assets which probably do fall into that category,” Patrick Allman-Ward told Reuters on the sidelines of an investment event.