Business | Oil & Gas
Dana Gas makes new oil discovery in Egypt
Dana Gas has announced a discovery from a new oil zone in its Egyptian concessions, marking the first discovery in the natural gas company's $170 million drilling campaign for 2008.
- Staff Report
- Published: 21:03 June 29, 2008
Dubai: Dana Gas has announced a discovery from a new oil zone in its Egyptian concessions, marking the first discovery in the natural gas company's $170 million drilling campaign for 2008.
Drilling in the Al Baraka-2 well in the Komombo concession, where Dana Gas made its first commercial oil discovery last year, has been completed.
The new well confirmed the first discovery, Al Baraka-1, in the Abu Ballas formation, and proved a new discovery in the underlying Six Hills formation.
"This is the first discovery for Dana Gas in its major drilling campaign for this year," said Ahmad Rashid Al Arbeed, executive director, upstream, Dana Gas "We hope such discoveries continue to build revenues and profitability, particularly in the light of high oil prices.
"In the coming weeks, Dana Gas will perform hydraulic fracturing of the producing reservoirs in two wells, Al Baraka-1 and Al Baraka-2, to enhance their productivity," he noted.
Dana Gas is the sixth largest natural gas producer in Egypt.
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