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KNOC’s Dana Petroleum Forms Oil, Gas Joint Venture in Egypt

Dana Petroleum, which is owned by Korea National Oil Corp., South Korea’s state energy explorer, formed a joint venture with Egyptian General Petroleum Corp. to develop oil and gas in an area of the Gulf of Suez, Egypt’s Oil Ministry said.

Total production in the area has reached 250,000 barrels of crude and there are estimated reserves of 10 million to 12 million barrels of oil equivalent; the venture, called Petro Kareem, plans to drill four wells, the ministry said in a faxed statement yesterday.

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