The company, which is also present in Egypt through its subsidiary Centurion Energy, may also enter new markets in the Middle East region.

“The year 2008 will be a busy one for Dana Gas, with an active exploration and drilling programme continuing in Egypt, as well as the start up of our major projects in the UAE and northern Iraq,” says Rashid Saif al-Jarwan, general manager of Dana Gas. “We are also actively evaluating a number of other interesting opportunities in the Middle East and North Africa.”

Early production from two discoveries in Egypt pushed the company’s 2007 hydrocarbons production in the country to an average of 32,000 barrels of oil equivalent (BOE). This was slightly ahead of the 31,000 BOE produced by Centurion Energy in 2006, before Dana Gas bought the company in January 2007.

The first shipment of oil was delivered to the Assyut refinery on 27 December from a discovery made by Dana Gas just four months earlier at Al-Baraka in the south. The delivery marked the first production of oil from the Upper Egypt region.

A discovery on the company’s West Manzala concession in the Nile Delta added more than 8 million cubic feet a day of gas and 240 barrels-a-day of condensate.

Dana Gas also signed a $400m agreement with the Kurdistan Regional Government in early 2007 to evaluate the region’s gas reserves (MEED 20:4:07).

In the summer, the company appointed Citigroup and Deutsche Bank as lead arrangers for a $1bn sukuk.