Dragon Oil, wholly owned by the Emirates National Oil Company (ENOC), has signed a new agreement with the Egyptian General Petroleum Corporation (EGPC) to enhance exploration and production activities in the Gulf of Suez.
The agreement provides for investments of around $30 million, including a program to drill at least two new wells in the fields, as part of a joint strategic plan between the Egyptian Ministry of Petroleum and Dragon Oil to expand operations, increase production and intensify exploration activities in the Gulf of Suez.
Abdulkarim Ahmed Al Mazmi Acting CEO – Dragon Oil
“The signing of this agreement reaffirms Dragon Oil’s commitment to strengthening its strategic presence in the Arab Republic of Egypt and supporting EGPC’s efforts to develop energy resources in the Gulf of Suez region, in line with the company’s vision for growth and sustainability. The agreement includes the drilling of two new wells of oil & natural gas within East El-Hamd area, reflecting the company’s drive to explore additional resources that contribute to meeting the growing demand for energy.”
Al Mazmi further emphasized that this step comes as part of Dragon Oil’s broader strategy to expand in regional markets and to strengthen its position as a leading player in the oil and gas sector, in line with the directions of the UAE, and in particular the Government of Dubai, to invest in global energy projects, especially in the Arab Republic of Egypt.
The agreement was signed at the Egyptian General Petroleum Corporation (EGPC) in Cairo by Eng. Salah Abdelkarim, CEO of the Egyptian General Petroleum Corporation, & Eng. Tayeb Huwair, Chief Operating Officer at Dragon Oil, in the presence of Egypt’s Minister of Petroleum Eng. Karim Badawi and Eng. Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil, along with several ministry undersecretaries and senior executives from both sides.
