El Wastani Petroleum Company has drilled the North El-Basant-1 exploratory well in the Nile Delta, uncovering an estimated 15-25 billion cubic feet of additional natural gas reserves according to initial results from the Ministry of Petroleum and Mineral Resources.
The company is currently completing procedures to bring the well online, with expected production reaching around 10 million cubic feet per day. WASCO is a joint venture between UAE Dana Gas and the Egyptian Natural Gas Holding Company. El Basant gas field was first discovered by Dana Gas in 2008 in the West El Manzala Concession in the Nile Delta region.
Dana Gas has embarked on a multi-year investment program aimed at boosting reserves and sustaining long-term production in Egypt. The 100 million dollar plan includes drilling six exploration wells and five development wells over the next period. The program is expected to increase ultimate gas recovery by 80 billion cubic feet, enhance asset value, and extend the overall lifespan of Dana Gas’s Egypt portfolio.
Source: egyptoil-gas.com