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Dana Gas Egypt ( Centurion Petroleum Corporation) July 09 www. bus- ex. com 65 component in its portfolio encouraged DGE to investigate, especially having seen the discovery of oil in Sudan and being struck by the geological similarities. Proven reserves so far at Al Baraka amount to just 7 million barrels, and at the moment extracted oil is being sent by tanker- just one or two a day- to a government-owned refinery 400 kilometres away. When and if critical mass is found, DGE will invest in a pipeline. Currently, more seismic data is being collected, providing the geologists with a clearer picture of the subsurface. More exploration drilling is planned to be conducted later in the year, as well as additional development wells to increase production. As well as its Egyptian activities, Dana Gas has interests in Tunisia and Nigeria. It is also in the process of starting a lucrative trade, importing sour gas via its own pipeline. After sweetening the gas, it will be distributed to customers in the Gulf region. Dana Gas is also busy in Kurdistan in northern Iraq, where it is developing two giant gas fields producing good- quality rich gas. This project alone has seen investments of $ 650 million while, in total, Dana Gas has spent another $ 1.6 billion acquiring Centurion and developing the Egyptian gas fields, including their associated pipelines and processing plants. Over the next couple of years there are plans to spend a further half billion dollars. " DGE has ambitious plans for the future," says Elsharkawi. " North Africa and the Middle East still account for half the remaining reserves that the world knows of. We expect to expand our ongoing projects and to enter into exploration and development arrangements with other countries in the region. For an oil and gas company, this is the best place on earth to be." - Editorial research by Jason Martin " We're proud to say it's the first oil found in southern Egypt, and any time oil is found in commercial quantities in virgin territory, it's an important moment"

66 www. bus- ex. com July 09 Pessimists say that the North Sea is in decline, but there's enough oil and gas under there to keep it active for decades. John O'Hanlon speaks to John Woods, chief development offi cer of Ithaca Energy ( UK) Ltd Shining Ithaca