On 11 December, Dana Gas announced that its North El-Basant 1 exploration well in Egypt’s onshore Nile Delta had yielded a new gas discovery. The Abu Dhabi-listed firm says that the initial well results indicate estimated reserves of 15-25 bcf, with expected production of 8mn cfd once the well is connected to Egypt’s gas network.
Egypt is suffering from substantial gas shortages despite production of 4.20bn cfd last quarter, and while new discoveries are welcome, this is not going to make much of an impact on its balances (MEES, 17 October). (CONTINUED – 252 WORDS)
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