A new joint venture between Dana Petroleum Egypt and the Egyptian General Petroleum Corporation ( EGPC) was set,      'Petro Kareem', to develop oil & gas discoveries in the North Zeit Bay onshore (NZB)  concession area, in the Gulf of Suez.
Dana Petroleum, estimates this promising region reserves of at least 10-12 million barrels, oil equivalent. Currently, production of crude oil has started from 2 wells via the Lorcan processing facilities. It is planned to drill 4 new wells during the coming period.  Additionally, the 2 wells cumulative production reached about 250 thousand barrels of crude oil.
The British company confirmed achieving several significant positive results for their business & investments in Egypt during 2011.  However, 'Petro Kareem' joint venture is expected to reinforce such results, where the company has successfully carried out important discoveries of crude oil with high quality, gas and condensates in the North Zeit Bay concession, meanwhile, achieving 2 crude oil discoveries in the East Beni Suef onshore concession area .  The company added that it plans to drill 7 exploration and appraisal wells in the Lorcan field area, as it is an extremely investment attracting area, with high feasibility to achieve new discoveries and production increase.