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Dana Gas remains committed to Egypt

July 17, 2013 at 7:17 AM

SHARJAH, United Arab Emirates, July 17 (UPI) -- Natural gas operations in Egypt are continuing at full tilt despite the difficult climate for energy companies working there, Dana Gas said.

Dana, which has headquarters in the United Arab Emirates, said it reached a record production level of 190 million cubic feet of natural gas so far this year. The company said its production levels have increased 13 percent since February 2012.

Patrick Allman-Ward, general manager for the company's Egyptian operations, said the company has made four new natural gas discoveries in Egypt since last year and continues to thrive in a tough economic and political climate.

"Our Egyptian operations continue to perform well despite the difficult fiscal environment oil and gas companies have faced in the country over the last two years," he said in a statement published Wednesday.

The Egyptian military removed Mohamed Morsi from power July 3. Frustration with the lackluster Egyptian economy and his embrace of conservative Islamic political ideologies resulted in his ouster barely a year after taking office.

Dana said it invested more than $1.8 billion in Egypt during the last six years.

"The company remains committed to making investments that will bring benefits to both the company and the country," it said.

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