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Dana Gas discovers oil south of Egypt

Cairo, June 28, 2008

Egypt's oil minister has announced an oil discovery in the south of Egypt, in a concession owned by Sharjah-based Dana Gas, the financial daily Al-Alam al-Youm said on Saturday.

The Komombo concession is operated by Centurion International, which was acquired by Dana Gas in November 2006.

According to the paper, Oil Minister Sameh Fahmy said the find marked the launch of a new phase in Egypt's petroleum industry.

Abu Dhabi-listed Dana Gas said in March it planned to step up drilling in Egypt, on which it relies for the bulk of its income.

Egypt's state-owned Gomhuria newspaper said that the new discovery was expected to yield about 2,200 barrels per day.-Reuters




Tags: Egypt | Oil | Dana Gas | discover |

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