2023-05-31 21:08:52
The UAE company Dana Gas expects to start drilling 11 new wells in Egypt this year, and estimates that these wells will add up to 80 billion cubic feet of reserves and production, according to Mohammed Al-Mobaideen, head of investor relations in the company.
Al-Moubaideen told “East Economy” that the company has allocated investments estimated at $100 million to drill these wells, indicating that the company currently has 4 concessions in Egypt and is seeking to include them in one concession within an agreement awaiting approval by the House of Representatives.
Dana Gas has agreed with the Egyptian Natural Gas Holding Company (EGAS) to change the economic conditions for its operations in Egypt, allowing it to extract gas from areas that require a higher cost than currently agreed upon, according to the company’s head of investor relations. He expected the start of drilling operations in new wells during the current year.
Egypt represents regarding 40% of the company’s production capacity, whose average production has reached In Egypt and Iraqi Kurdistan, in the first quarter to 62.9 thousand barrels of oil equivalent per day, an increase of 1% over the corresponding quarter of 2022. During that period, the company’s production rate in Egypt decreased by 10%.
Founded in December 2005, Dana Gas is a private company operating in the natural gas sector in the Middle East and is listed on the Abu Dhabi Stock Exchange.
Egypt’s production of natural gas reached 50 million tons last year, and it is seeking to introduce 6 to 8 new rigs to exploration areas in the Mediterranean during the current year to reach the drilling of 16 targeted wells in cooperation with foreign companies, according to previous statements by the vice president of the Egyptian Natural Gas Holding Company. EGAS, Samir Raslan.
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