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.