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Dana Gas to invest $43m to expand gas wells in Egypt

Oilfield, Bulldozer, Transportation Reuters/Nick Oxford
The gas well drilling programme will boost Dana Gas' production by 30 million cubic feet of gas per day in Egypt

Abu Dhabi-listed Dana Gas plans to invest $43 million to begin a significant drilling programme in Egypt to expand gas wells next year.

The programme will boost the UAE energy company’s daily gas production by 30 million cubic feet by drilling 11 development wells and three exploratory wells, Egypt Today newspaper reported.

During a meeting with Dana Gas CEO Richard Hall, Tarek El-Molla, Egypt’s minister of petroleum and mineral resources, highlighted factors that position Egypt as a natural gas hub in the region.

He emphasised the country’s capability to import gas from neighbouring countries and re-export it through liquefaction plants to global markets, particularly Europe.

In June, El-Molla announced the completion and operation of the EGP20 billion gas pipeline project, covering 1,234 km, to fulfil the rising local demand for natural gas.

Dana Gas has been operating in Egypt since 2007 and has drilled more than 30 exploration wells with a commercial success rate of over 60 percent, more than doubling the volume of recoverable hydrocarbons, according to the company’s website.

The company has invested more than $2 billion in Egypt and added over $10 billion in value to the Egyptian economy.

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