New natural gas pool found in Egypt

SHARJAH, United Arab Emirates, May 3 (UPI) -- The discovery of a new pool of natural gas in Egypt marks a good start to the year, a top official at Dana Gas declared Tuesday.

Dana Gas, which has headquarters in the United Arab Emirates, announced its discovery in the Nile Delta region yielded 14.1 million cubic feet of natural gas per day during a production test. This is in part from what the company described as a new pool discovered in the area.

"A preliminary estimate of the discovered reserves in the new pool is in excess of 60 billion cubic feet of gas, with a possible upside still under evaluation," the company said in a statement.

Dana Gas is the sixth largest gas producer in Egypt. Hany Elsharkawi, president of Dana Gas operations in Egypt, said the discovery represents his company's legacy in the region.

"The well is an excellent start for 2011," he said in a statement. "We still have a sizable portfolio of drillable prospects and our exploration activity will continue throughout the year, as will our development activities."

Dana Gas said Egyptian natural gas reserves have doubled to 70 trillion cubic feet during the past five years.

(Source: http://www.upi.com/Science_News/Resource-Wars/2011/05/03/New-natural-gas-pool-found-in-Egypt/UPI-61391304420640/)