CAIRO: A new joint venture between Dana Petroleum and the Egyptian General Petroleum Corporation will form Petro Kareem, which will produce oil and gas from a concession on the Gulf of Suez. Egypt's petroleum ministry recently approved the joint venture, whereby Petro Kareem will produce oil and gas from the Lorcan Development lease, within the North Zeit Bay concession, located onshore in the Gulf of Suez, according to a statement. Dana Petroleum is an international oil and gas exploration and production company with operations in the UK, Europe and Africa. In Egypt, the company has six exploration concessions and 12 development leases across the three main hydrocarbon provinces: Nile Delta, Western Desert and Gulf of Suez. In total, they produce around 9,000 bbls of oil per day, the company said. The NZB production sharing contract area, in which Dana holds a 100 percent interest, consists of two wells currently producing oil via the Lorcan Processing Facility, with the potential to add a further four wells, pending approval. Dana estimates that there are reserves of 10–12 million boe within the area. Dana's Managing Director in Egypt, Nick Dancer, said: “2011 has been a very exciting year for Dana Egypt. Such positive results from various exploration activities have been strengthened by the recent Petro Kareem joint venture approval. “Lorcan's onshore location makes it an extremely attractive production opportunity and we have plans for up to seven exploration / appraisal wells in the concession area for 2012.”
