Dana Petroleum prepares to unfold a new commercial discovery in the North Gebel El-Zeit block, in the Eastern Desert.
The company is currently in the final phase of drilling operations using the 2000 hp rig, Weatherford-147.
Egypt Oil & Gas learned that, in case of confirming this discovery, Dana Petroleum would found a new joint with the Egyptian General Petroleum Corporation (EGPC) to hold the necessary operations at this concession or appoint the work to East Zeit Petroleum Company (Zeitco).
Last year, the UK-based producer announced its 235-million pounds drilling program in 17 areas, distributed in Egypt, Norway and Switzerland.
Dana Petroleum allocated $130 million investment for the company’s operations in Egypt this year.
"This is considered our largest investment, which represents nearly 35% of our total group investment internationally. 25% of our company production is generated from Egypt," said Stuart Paton, the company’s Technical and Commercial Director.
"In the current investment climate, we study carefully the method and locations before spending our money. But, Egypt is fundamental for us." He added that the company is interested in the coming EGPC bid round, more than the one of the Egyptian Natural Gas Holding Company (Egas) as the later releases deep offshore areas that requires high expenditure, which the company cannot afford.
It is worth mentioning that Dana Petroleum lately announced the Papyrus-1X well gas exploration, located offshore Nile Delta in West El Burullus concession. Dana, GDF Suez’s partner, said that gas was flowing up to 33 million standard cubic feet per day during a drill stem test at Papyrus-1X, the well also test flowed about 442 barrels of condensate per day.