Dana Gas finds more gas, condensate in Egypt

by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 12 January 2009

DIGGING DEEP: Dana Gas has made a gas discovery at Salma-1 well. (Getty Images)

United Arab Emirates-based Dana Gas said on Monday it had made a gas and condensate discovery in Egypt that would potentially double its gas reserves in the North African country.

The discovery was made at the Salma-1 well located in the West Qantara Concession and was expected to add over 200 billion cubic feet of gas to reserves, the company said in a statement.

Dana made four gas discoveries in Egypt last year, the most recent in December at the El-Basant 2 well, located in the West El Manzala Concession in the Qawasim formation.

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"The excellent results yielded by the Salma-1 well definitely call for more exploratory drilling in the area, where there are several similar prospects which we will be planning soon," Ahmed al-Arbeed, Dana Gas upstream executive director, said in the statement.

Dana Gas, which relies on Egypt for the bulk of its income, said last year that it planned to invest about $500 million in Egypt and Iraq's Kurdish region in 2009 to boost natural gas output. (Reuters)

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