CAIRO, March 8 (UPI) -- Middle East energy major Dana Gas announced it uncovered two natural gas discoveries in the Nile Delta in Egypt with at least 35 billion cubic feet of gas.
Dana gas announced its El Panseiya-1 was estimated to hold 8 billion to 13 billion cubic feet of gas. The South Faraskour-1 discovery, meanwhile, was estimated to hold 27 billion to 57 billion cubic feet of gas with associated condensate.
"These two wells are an excellent start to 2010," said Dana Gas President Hany el-Sharkawi in a press statement.
Dana Gas increased its proved plus probable reserves to 132 million barrels of oil equivalent with eight discoveries and 12 exploration wells in 2009.
Egyptian Petroleum Minister Sameh Fahmi announced in February that his country was implementing a program to utilize its geographical location to become a major energy hub for the region.
Egypt began supplying natural gas to Lebanon in September. The country could link its Trans-Arab pipeline, meanwhile, to Europe's Nabucco pipeline.
Cairo during the weekend ratified a deal, meanwhile, to join the Gas Exporting Countries Forum. The GECF is the gas equivalent to the Organization of the Petroleum Exporting Countries.
