A United Arab Emirates company, Dana Gas, said it had made a new discovery of gas deposit in Egypt. Dana Gas, the largest private-sector natural gas company in the Middle East, announced on Sunday the discovery was the first made in the drilling campaign for 2008 by the Sharjah-based gas company. “This is the first discovery for Dana Gas in its major drilling campaign for this year,” Ahmed Rashid Al Arbeed, the company’s Executive Director for Upstream, said in a statement. “We hope such discoveries continue to build company revenues and profitability, particularly in light of current high oil prices,” he said, without giving the details of the discovery. Last March, Dana Gas announced that it would put US$170 million into its drilling facilities in Egypt for 2008, including 15 exploration wells and four development wells. Presently, the UAE-based company is the sixth highest natural gas producer in Egypt, among some 65 companies currently operating in the country. They have a total capacity to produce 140 million cubic feet of gas daily.
