On Tuesday, Dana Gas expressed that its production in Egypt augmented by 20 percent during 2010 supported by production through seven latest fields at the Nile Delta.

Productivity strike 42,000 barrels of oil alike per day (boepd) during 2010 and is anticipated to increase to 67,000 boepd during mid-2012, Dana expressed the data in a report to the Abu Dhabi bourse. Dana managed to discover 14 wells this year with the initial, Sanabel-1, in progress.

During the early trading in Abu Dhabi, the share prices of Dana gas picked just from where they left the previous day. And later during the day it reached to its highest level in a month.

At 11:06 am, the share went up by 2.7 per cent to 74 fils. And the reason for this rise is said to be winning of bids by the company to gain rights for exploring oil in 8 blocks across Syria. The information was given by the Deputy Oil Minister Hassan Zainab.

Dana Gas announced the discovery of two new gases in Egypt on Sunday. It had acquired Canada's Centurion International by paying C$1.15 billion, in November 2006.

The 6th largest producer of gas made its first discovery at El Panseiya-1 west of the El Manzala concession. Its next discovery was South Faraskour-1, which was also associated with west of the El Manzala concession. A statement issued by the company said that both of its discoveries are likely to get associated to its El Wastani gas processing plant, this year.

One and only listed natural gas company of Gulf, Dana Gas is hopeful to register adequate growth in its net profit during the first quarter after reporting consecutive loss due to slowdown and asset impairments in the past.

There could be a rise in its net profit in Q1 due to increase in oil production, rise in oil prices and handling the costs effectively. The gas company reported a loss of 193 million dirhams in the fourth quarter.

A Memorandum of Understanding has been signed by Dana Gas and Crescent Petroleum (Naft Al-Hilal) Companies of UAE and Yemen for the construction of a gas city.

The statement said: "Gascities has reached an agreement with the Yemeni government to investigate the development of its proprietary gas city concept within Yemen."

Gascities are gas-fed industrial complexes having petrochemical and heavy manufacturing plants. Gascities are proposed to be constructed in the Middle East, North Africa and Egypt.

Dana Gas, leading UAE based conglomerate, has declared its second three month period results.

The company said that during the period under review, it has recorded a net profit of Dh392 million, a more than eleven-fold increase on the year-earlier period.

The conglomerate stated in a communiqué that it has clocked a net profit of Dh32 million a year earlier.

The sources informed that company's revenue from the sale of hydrocarbons reached 303 million dirhams, up 31% from 2008.