UAE-based Dana Gas announced an oil discovery in Egypt's Al-Baraka 2 well on Sunday, confirming a newspaper report about its first find in the North African country this year.
"We hope such discoveries continue to build company revenues and profitability, particularly in light of current high oil prices," Ahmed Al-Arbeed, executive director of Dana's upstream operations, said in a statement which did not give the volume of production from the new well.
Egypt's state-owned Gomhuria newspaper said on Saturday the new well, part of the Komombo concession, was expected to yield about 2,200 barrels per day (bpd).
"The new well confirmed the first discovery, Al-Baraka-1, in the Abu Ballas formation, and proved a new discovery in the underlying Six Hills formation," Dana said in the statement.
Dana said it will carry out hydraulic fracturing on the producing reservoirs in two wells to enhance their productivity.
In March Dana Gas said it would drill 19 new wells in Egypt this year to potentially double the firm's Egyptian reserves and will spend more than $170 million this year on that.
Dana Gas, which relies on Egypt for the bulk of its income, said in January it plans to invest about $500 million in Egypt and Iraq's Kurdish region this year to boost natural gas output. (Reuters)
CLICK HERE TO POST A COMMENT
| 50 stories
Gulf developers are being drawn to Jordan, but face inflation and energy resources stretched to the limit.
Abu Dhabi is building a green future, and will force developers to toe the line with a raft of regulations.
With power plants, aircraft parts and green energy in high demand in the UAE, the stage is set for a new partnership.
SURVEYS & REPORTS
Print this page
Email this to a friend
Discuss this article (0 Comments)
Mobile
