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  • Dana Gas successfully bids for 2 new Nile Delta concessions
    édité le 29/09/2014 - Plus de news de "Dana Gas" - Voir la fiche entreprise de "Dana Gas"


Dana Gas successfully bids for 2 new Nile Delta concessions
Dana Gas, the Middle East’s leading regional private sector natural gas company, is pleased to announce that its wholly owned subsidiary, Dana Gas Egypt, has been awarded the North El Salhiya (Block 1) and El Matariya (Block 3) onshore Concessions in the Nile Delta as part of the 2014 EGAS bidding round held recently in Egypt.

The Company will operate the Block 1 Concession Area on a 100% basis. It is expected that exploration success and future production from conventional gas reservoirs in the Block, utilizing Dana Gas Egypt's existing infrastructure, will extend the Company's highly successful gas production business onshore the Nile Delta.

Dana Gas Egypt will participate in the Block 3 Concession Area on a 50% basis with BP as partner and operator. Under the terms of the agreement, BP will fund all of the cost (including Dana Gas’s share) of one exploration well up to an agreed maximum limit. In the event that the well proves commercial, BP has the option to back into 50% of the deep potential of Dana Gas’ adjacent Development Leases.

BP also has the option to back into 50% of the deep potential of Dana Gas Egypt’s other Development Leases and Block 1 Concession Area by drilling and funding all of the costs of a second exploration well in either the Development Leases or Block 1 up to an agreed maximum limit.

Dr. Patrick Allman-Ward, CEO, Dana Gas, said: “We are extremely pleased to have been awarded these two new blocks. The area is particularly well known to Dana Gas, given its long-term commitment to the Nile Delta. We believe there is significant upside potential from continued exploration and development in these concessions. We are delighted to be partnering with BP, a leader in deep well drilling in the Nile Delta. This will allow us to carry out a challenging work program with a proven partner and reaffirms our confidence in the potential of our assets.”

The two blocks are located adjacent to the Company’s existing Development Leases. Together with BP, the Company will look to explore the multi-TCF gas potential of the Oligocene reservoirs that have proven successful to date in the offshore and which extend into Dana Gas Egypt's existing Development Licenses. The first Oligocene exploration well is scheduled to be drilled in 2016. In case of exploration success, an early development system is envisaged to allow rapid production of the wells located close to the existing El Wastani plant.

The two blocks have a 6 year exploration period, comprised of two phases of 3 years each. A 20-year development lease period will be granted to each block, based on approved commercial discovery. The two concessions, which cover 1,527 km² and 960 km² respectively, were awarded as part of the EGAS international bid round in August 2014. Ratification of the two new concessions is expected to take place following the completion of the necessary approvals.

* Participation by BP in all of Dana Gas’ Development Leases requires full carry on a further deep exploration well.

About Dana Gas Egypt

Dana Gas Egypt is currently the sixth largest gas producer in Egypt and has over 900 Egyptian staff. The Company owns a 100% interest in thirteen Development Leases onshore the Nile Delta which it operates through the El Wastani Petroleum Company (Wasco), Dana Gas’ joint-venture company with EGAS and EGPC. Over the last seven years, the Company has invested in excess of $1.8 billion in exploration, development and production in Egypt. To date, Dana Gas Egypt has made 25 discoveries.

About Dana Gas

Dana Gas is the Middle East’s leading private sector natural gas company producing some 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan Region of Iraq.

The company has proved plus probable reserves of 152 million barrels of oil equivalent and a resource potential of some 900 million barrels from its world class acreage in Egypt and Iraq.


Origine : Communiqué Dana Gas

Voir la fiche entreprise de "Dana Gas"



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