Dana Gas to drill 19 wells in Egypt in 2008

The UAE'S natural gas company, Dana Gas recently announced an exploration and development program, which will involve the drilling of 19 new wells in Egypt during 2008.

Dana Gas has earmarked a large sum of US $170 million for the 19 new wells, which include 15 exploration wells and four development wells, according to a statement by the company.

"This is a defining year for the upstream operation in Egypt, and this exploration and development program could potentially double the size of our reserves, and would provide further boost to Dana Gas production and revenues in Egypt," said Hany Elsharkawi, director of the company's Egyptian unit, in a statement.

The wells are located at the Komombo Concession in Upper Egypt and two concessions in the Nile Delta. Dana Gas is said to be the sixth largest natural gas producer in Egypt among the 64 companies operating in the country.

In 2007, Dana Gas made a number of new gas and oil discoveries in Egypt, including Southern Egypt's first commercial oil discovery from its first exploration well drilled in the Komombo Concession.

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