62 www. bus- ex. com July 09 Dana Gas is the first regional private- sector natural gas company in the Middle East, established with over 300 founder shareholders from across the Gulf region. In addition, there are some 400,000 investors from over 100 nations worldwide who submitted applications of almost US$ 80 billion over a ten- day period when Dana launched its regional IPO in late 2005. Headquartered in Sharjah in the UAE and listed on the Abu Dhabi Securities Exchange, Dana Gas already possesses a network of offices in Saudi Arabia, Iraq, Egypt and the UK, with further offices opening throughout the Middle East. Dana Gas currently has assets and gas exploration, production, processing or distribution projects in several countries as far afield as South Asia. Gas from the Egyptian Nile Delta fields is of a particularly desirable quality, enriched with various other hydrocarbon products such as condensate and LPG, both of which are sold on the open market at international prices. Gas, on the other hand, all goes into the Egyptian domestic market, which has a government- imposed price cap. Egypt is now in the fortunate position of being self- sufficient in gas and exports to neighburing countries such as Jordon, Syria and Lebanon.
Dana Gas Egypt ( Centurion Petroleum Corporation) wildlife or land has occurred." DGE's average daily production has increased almost 15- fold from 2,400 barrels of oil equivalent per day ( boed) in 2002 to 36,000 boed in 2009, with over 80 per cent of current production ( on a boe basis) going to gas sales and the remainder being oil, condensates and LPG sales. This makes DGE Egypt's sixth- largest gas producer. To maximise the potential of its holdings, exploration continues unabated in the Nile Delta, with a multi- well drilling programe under way on around 800,000 acres of land owned by the company. At the other end of the country, way down in the south of Egypt, the Al Baraka field is currently not large but definitely significant. " We're proud to say it's the first oil found in southern Egypt," says Elsharkawi, " and any time oil is found in commercial quantities in virgin territory, it's an important moment." The area is so remote with so little in the way of infrastructure that it has been ignored by other exploration companies, but the idea of having a high- risk, high- reward July 09 www. bus- ex. com 63 DGE seems to have a liking for doing things the hard way. On the one hand, the most productive wells it has brought in so far are smack in the centre of the Nile Delta. On the other, the latest and highly promising oil find- 50 kilometres north- west of Aswan, deep in the south of Egypt- is literally miles from nowhere, with nothing in the way of infrastructure to support the enterprise. It's debatable whether drilling in such a sensitive and highly populated area as the Nile Delta would have got past the ecological activists in some countries. As it is, DGE has the eyes of the world on it and is obliged to work to strict standards to protect the environment, in addition to the overwhelming need not to cause harm to the local population surrounding the drilling locations. " This is a highly populated area," explains DGE president, Dr. Hany Elsharkawi, " with thousands of people engaged in agriculture. Leakage or explosion from our gas operations would be devastating, so we are working to the strictest possible procedures. To date, we are pleased to say that not a single incident threatening humans, " This is a highly populated area, with thousands of people engaged in agriculture. Leakage or explosion from our gas operations would be devastating, so we are working to the strictest possible procedures. To date, we are pleased to say that not a single incident threatening humans, wildlife or land has occurred"