(MENAFN) Dana Gas, the United Arab Emirates gas exploration company, is set to receive a grant of USD39 million from BP to cover its exploration costs in Egypt, Arabian Business reported.
The contract signing was due through international bidding that took place back in 2014. The drilling procedures are set to be implemented in the first half of the upcoming year.
"We are very excited to be partnering with BP in drilling the Oligocene play onshore the Nile delta. A successful well result could lead to substantial growth for the company in Egypt," the CEO of Dana Gas said in a statement.
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