Dana Gas of the United Arab Emirates (UAE), the largest private-sector natural gas company in the Middle East, announced on Sunday that it has made a new oil discovery in its concessions in Egypt.
The new discovery by the Sharjah-based Dana Gas is the company's first discovery in its major drilling campaign in 2008, according to a press release by the company.
"This is the first discovery for Dana Gas in its major drilling campaign for this year," said Ahmed Rashid Al Arbeed, the company's Executive Director for Upstream.
"We hope such discoveries continue to build company revenues and profitability, particularly in light of current high oil prices," he added, without giving the details of the oil discovery.
Dana Gas said in March that it would pour 170 million U.S. dollars into its drilling program in Egypt in 2008, which involves15 exploration wells and four development wells.
The company announced its first oil discovery in an exploration well in southern Egypt in September 2007.
Currently, Dana Gas is the sixth highest natural gas producer in Egypt among the 64 companies operating in the country, with the capability of producing 140 million cubic feet per day.
Source:Xinhua
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