Our business in Egypt consists of a balanced portfolio of operated and non-operated developments in the Gulf of Suez, the Nile Delta and the Western Desert.
In 2007 Dana acquired Devon Energy Corporation’s upstream petroleum business interests in Egypt. The assets were an excellent strategic fit, having significant upside potential and a substantial number of new targets to exploit, as well as new opportunities available through drilling prospects emerging in largely unexplored exploration blocks.
Our portfolio of 21 development leases is currently producing approximately 10,000 barrels of oil per day. This includes the East Zeit field, where in 2012, we drilled four infill wells. East Zeit is operated by Zeitco, an Egyptian joint venture company formed between the Egyptian General Petroleum Company and Dana.
Our strategy is to continue to grow production and reserves through further investment in operated and non-operated developments, and deliver on our commitment to long-term people development by developing skills within Dana and our joint ventures.