Dana Gas Company plans to starts drilling in 2019 an area with the potential of being Egypt’s next mega natural gas field in the Mediterranean Sea.
Seismic data collected in the area revealed natural gas reserves of up to 20 trillion cubic feet (tcf), which will make it second to Zohr field in production.
The collected data is set to be tested in April or May, as the company starts drilling an area with a potential reserve of 4 tcf to 6 tcf of natural gas, Patrick Allman-Ward, CEO of Dana Gas, told Reuters.
“That’s just that one prospect,” he commented on the North Arish field, which is located in the eastern Mediterranean Sea and is one of three Dana Gas has homed in on within its Block 6 after it was licensed for exploration in 2014, he added.
Dana Gas will invest up to $5 billion in the three prospects. “The $5 billion is the high end estimate of what the total block development costs might be in the case of success in all three prospects. Development could start by 2023,” Allman-Ward pointed out.