Egypt pushes Dana Gas past 17 million boe

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SHARJAH, United Arab Emirates, Jan. 2 (UPI) -- Dana Gas, one of the largest natural gas producers in Egypt, announced new gas discoveries pushed proven reserves to more 17 million barrels of oil equivalent.

Dana Gas, with headquarters in the United Arab Emirates, announced two new onshore natural gas discoveries in the Nile Delta basin of Egypt. Dana Gas Executive Director Rashid al-Jarwan said the discoveries highlighted the company's long-term commitment to the Egyptian natural gas industry.

"Our latest two discoveries confirm the Nile Delta as a prolific hydrocarbon-bearing basin," he said in a statement.

The reserve range for the Balsam-1 discovery was estimated at 76 billion-436 billion cubic feet of natural gas. The reserve range for the second discovery, Alyam-1, was estimated at 8 billion-66 billion cubic feet of natural gas.

The company is the sixth largest natural gas producer in Egypt. In a country with an estimated 70 trillion cubic feet of natural gas reserves, Dana said the latest discoveries should increase its commercial reserves by at least 17 million boe.