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Dana Gas to invest up to USD5bn to develop 2nd largest field after Zohr

Dana Gas' CEO Patrick Allman-Ward announced that the company has plans to invest up to USD5bn to drill in its North Arish field in the Mediterranean. Seismic scans have indicated that this field could potentially hold 20tcf (trillion cubic feet) of reserves, which makes it the second largest after Zohr field in Egypt. Allman-Ward told Reuters, on the sidelines of an energy forum on Tuesday, that, “if the geology works out the way that we think it will, then in the success case it could be a 4-6trn cubic feet gas reserve.”