Mubasher: The Dubai government-owned Dragon Oil, an upstream exploration and production platform, has announced its first oil discovery in the Gulf of Suez in Egypt.
The discovery is expected to comprise about 100 million barrels in reserves, marking one of the largest discoveries in the Gulf of Suez in 20 years, according to a recent press release.
The company seeks to raise the field's production by 20% when the development plans are achieved.
The field is the Emirati company's first discovery in Egypt following its full acquisition of BP’s assets in the Gulf of Suez.
The CEO of Dragon Oil, Ali Rashid Al Jarwan, said: "The Company is working to continue its growth and expansion in the Egyptian market in 2022 through intensifying the exploration, development of fields and reparation of wells to increase the production from the oil fields in Gulf of Suez."
Al Jarwan added: "Dragon Oil is currently discussing with the Egyptian General Petroleum Corporation further plans to develop the "Al Wasl" field, which requires more new investments in production facilities, infrastructure, and drilling."
