The work program will include resuming horizontal drilling of two wells originally drilled by Crescent Petroleum.
Dana Gas, the Middle East's first and largest regional and private sector natural gas company, has announced an agreement for the exploration and development of the western offshore concession in Sharjah, UAE, where the company is headquartered. The deal marks Dana Gas' entry into the Gulf Cooperation Council (GCC) exploration and production sector, and is also the first offshore upstream asset for the company in the Middle East. The 25-year agreement was signed by H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, UAE Supreme Council member and Ruler of Sharjah, and Mr. Hamid Jafar, Executive Chairman of Dana Gas, in a ceremony attended by H.H. Sheikh Ahmed Bin Sultan Al-Qasimi, Deputy Ruler of Sharjah and Chairman of the Sharjah Petroleum Council, and several members of the Board of Directors of Dana Gas. The concession agreement covers a total offshore area of over 1,000 square kilometres, and includes the development of the Zora gas field within Sharjah, which was discovered in 1979. The preliminary costs of the development phase of the project are estimated at US$55 million, while the exploration works are estimated at a further US$65 million.
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