(Ecofin Agency) - Dana Gas has announced plans to review its 2017 investment plans for Egypt if the country does not pay its debt by the end of 2016, its chief executive revealed on Wednesday.

According to Patrick Allman-Ward (photo), the payments issue is overriding several exploration developments in Egypt, for the company.

United Arab Emirates-based energy firm said its North El Arish Concession/Block 6 in the Eastern Nile Delta was an exciting prospect and the company is in talks with seven potential partners about a farm-out agreement.

As at September 30, 2016, the amount owed by North African country was $242 million, from the $221 million at the end of 2015, but Egypt is hoping to obtain $12 billion in aid from the International Monetary Fund (IMF) as part of bilateral fundraisings and economic reforms meant for reviving its economy, Reuters reports.

A portion of the loan will be allocated to the petroleum sector in order to meet outstanding debts, Allman-Ward said.

“If it doesn't happen (the payment), in keeping with our long-standing policy of balancing collections for investment, we would be forced to review how that balance can be maintained,” he said.

Anita Fatunji