Wednesday, February 13, 2019
"This year's event for Dana Gas in Egypt is the drilling of the exploration well at Merak Field in the North Arish concession area," said Patrick Olman Ward, CEO of Dana Gas UAE.
Ward attributed the importance of this field to the fact that it is located in an area that the UAE company says may become Egypt's second largest gas field in the Mediterranean, after seismic data indicated reserves of about 20 trillion cubic feet.
Reuters quoted Ward as saying that the data would be tested in April or May, when drilling begins in an area.
The Merak Field is the beginning
Ward says Mirak is one of Dana Gas's three fields in the concession area 6 north of Arish, which the company acquired in 2014.
The North El Arish concession is the first offshore sector for Dana Gas and is relatively located in an exploration area east of the Nile Delta, the company said on its website.
In April or May, the company will begin seismic data for the field with potential reserves of between 4 and 6 trillion cubic feet, according to Dana Gas CEO.
"This will be a major source of gas for Dana Gas if the project succeeds," Ward said in an interview with Sky News on the sidelines of the IGBP oil conference.
"This is only one aspect of the North Arish field in the eastern Mediterranean," he said in separate statements to Reuters. "The three fields together may have reserves of about 20 trillion cubic feet."
Ward predicted that the company's investment in the development of the concession area 6 will reach about $ 5 billion and will be spent in 10 to 12 years.
Ward said the discovery may be a key factor in boosting Egypt's role as a regional gas trading hub and supporting its supplies if the field's reserves start to decline.
Last December, Dana Gas said it had received a $ 20 million payment from the Egyptian government, part of the company's dues, which would enable it to move ahead with our plans to drill the Mirag deepwater well into Sector 6.
Egypt has the largest gas field in the Mediterranean, a giant back field with reserves of about 30 trillion cubic feet.