CAIRO: The United Arab Emirates-based Dana Gas company announced over the weekend that it had discovered two more gas reserves in Egypt that are estimated at around 75 billion cubic feet. In recent months, the company has uncovered substantial gas reserves in the North African country as they continue their massive exploration efforts. A company statement said the finds were at the Sharabas-1 and Sama-1 wells in the northern Nile Delta region but did not elaborate further on details nor did they give a specific date for the start of commercial production from the wells. “The Sharabas-1 and Sama-1 discoveries will boost Dana Gas' production and profitability, and will take us closer to achieving our target production of 40,000 barrels of oil equivalent per day by the end of the year; a target that we are already well on the way to achieve,” Chief Executive Ahmed al-Arbeed said in the statement. The Sharabas-1 discovery has an estimated 28 billion cubic feet of gas in the reserve plus the associated condensate, tested at 7 million standard cubic feet per day of gas with 198 barrels per day of condensate, the statement said. The Sama-1 discovery tested at 13 million cubic feet per day of dry gas, it said. The estimated reserves for this find are approximately 48 billion cubic feet of gas and has the potential to produce around 20 million cubic feet per day, Dana Gas continued. Egypt is Dana Gas' main income generator. Last year, the company reported, it planned to invest approximately $500 million in Egypt and Iraq's Kurdish region for this year in order to boost its natural gas output. BM
