New gas discoveries in Egypt
New gas fields have been found in Egypt's Nile Delta Basin
Create alert for Dana GasDana Gas,
Create alert for Dana Gas EgyptDana Gas Egypt,
Create alert for Egyptian Bahrain Gas Derivatives CompanyEgyptian Bahrain Gas Derivatives Company,
Create alert for Patrick Allman-WardPatrick Allman-Ward,
Create alert for Rashid Al JarwanRashid Al Jarwan,
Create alert for Dana GasDana Gas
Dana Gas, the Middle East's first and largest regional private sector natural gas company, has made two new onshore gas discoveries in the Nile Delta Basin of Egypt.
Initial estimates indicate that together the two discoveries, known as Alyam-1 and Balsam-1, should increase the company's commercial reserves by between 17 million barrels of oil equivalent (proven) and 95 million barrels (proven and probable), said a statement.
Appraisal drilling will be conducted on both discoveries which are located on the West El Manzala Concession, operated by Dana Gas.
The company has already filed a declaration of commerciality and development plans for the two discoveries, which will be tied in to the nearby pipelines also owned by Dana Gas, it said.
Rashid Al Jarwan, executive director and acting CEO of Dana Gas, said: "Our latest two discoveries confirm the Nile Delta as a prolific hydrocarbon-bearing basin. Dana Gas remains fully-committed to the long term development of Egypt's gas industry and its essential role in fuelling the nation's economic growth."
Dr. Patrick Allman-Ward, Dana Gas Egypt general manager, said: “These two new wells mark an excellent result to 2012 drilling in the Nile Delta. We still have to conduct appraisal drilling to confirm the full extent of the new fields, but as they are near existing infrastructure, we plan to accelerate their development and maintain the long-term growth of our production in Egypt.”
In October 2012, the company announced the commencement of Dana Gas’ joint-venture, the Egyptian Bahrain Gas Derivatives Company (EBGDCo) NGL extraction plant at Ras Shukheir in Egypt. EBGDCo’s average gas intake rate has reached 75 MMscfd and four cargo shipments of propane have been exported. When fully operational, the plant will extract 120,000 tonnes per annum of propane & butane from a gas stream of 150 MMscfd, it said.
Dana Gas is currently the sixth highest gas producer in Egypt, a country whose gas reserves has doubled in the past five years to over 70 trillion cubic feet, and is among the world's top 10 exporters of LNG. The company is firmly committed to pursuing long term partnership with the national Egyptian companies and other energy companies from the region and internationally, said the statement.
- King Abdullah's death and the 'fear premium' in Saudi oil markets
- Mixed signals: why King Abdullah's passing could not have come at a worse time for Saudi's oil sector
- Cheap oil: the antithesis of clean energy?
- Incentivized cooperation: will the oil price slide get the US to negotiate with OPEC?
- Saudi Arabia and UAE can last a while: why there isn't really an end in sight to the oil price plunge