CAIRO: Dana Gas’ petroleum output from its Egyptian operations at the end of last month exceeded its expectations on early production from two discoveries, the company said in a statement.
The Middle East s first and largest regional private-sector natural gas company, Dana Gas pumped the equivalent of 32,000 barrels of oil per day, exceeding company expectations.
The first oil from Dana s Al Baraka well in southern Egypt was delivered last month, four months after discovery, the company said.
The first shipment of oil was delivered to the Assiut Refinery on December 27.
The Dabayaa-2 well in the Nile Delta – a discovery made in the Upper Abu Madi formation – added over eight million cubic feet of gas per day and 240 barrels of condensate per day to Dana Gas production. Condensate is a light oil by-product of gas production.
Dana Gas General Manager Rashid Saif Al Jarwan said, “The year 2008 will be a busy one for Dana Gas, with an active exploration and drilling program continuing in Egypt, as well as the startup of our major projects in the UAE and Northern Iraq.
“We are also actively evaluating a number of other interesting opportunities in the Middle East and North Africa.
Dana s third-quarter revenue rose 14.5 percent on higher prices for its Egyptian gas and forecast further growth in the fourth quarter as it ramps up output from two discoveries.
Dana Gas Egypt Country Director Hany Elsharkawi said, “We are excited about our recent successes, which confirm our confidence in the development opportunities in both the Upper Nile and Lower Egypt concessions.
