By Stanley Carvalho
UAE-based company's gas discovery will add over 200 billion cubic feet to its reserves.
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.
"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)