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Sunday, March 7, 2010

"Dana Gas" announces new discoveries of natural gas

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Dana Gas ‭ ‬ the UAE in a statement on Sunday, it made new discoveries of natural gas in Egypt, entered the company listed on the Abu Dhabi stock exchange sector of the gas exploration and production in Egypt in November 2006 when it became the sixth largest gas producer in the country through acquisition of "Centurion International," Canada's 1.15 billion Canadian dollars (1.08 billion dollars). The statement said that the first detection is located in a well "Abannsip 1" in the West Manzala concession to the production of ten million cubic feet of dry gas per day, and added that the volume of recoverable reserves of between eight billion and 13 billion cubic feet, according to preliminary estimates. The second discovery is located in a well "South Varaschor 1" in the West Manzala concession, too, the statement said that the productivity of the well of approximately 16.3 million cubic feet of gas and condensate per day, while an estimated recoverable reserves at between 27 billion and 57 billion cubic feet of gas and associated condensate, The statement added that it is expected to link the new discoveries treatment facilities in the neighboring Wastani end of this year. Raver, "said Ahmed, chief executive of Dana Gas in the statement that the company has eight gas discoveries in Egypt from 12 exploration wells during the last year. He added that the findings "resulted in an increase of 40 per cent rise in the volume of proven reserves and potential of the company in Egypt, up to 132 million barrels of oil equivalent at year's end (past)." The statement said that the company started production from a field west of Kantara in the Nile Delta Sama field, which went into production in February, before the scheduled five weeks, did not elaborate production from the field. Egypt has the third largest natural gas reserves in Africa after Algeria and Nigeria at 1.89 trillion cubic meters.

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