UAE "Dragon Oil" Announces New Oil Discovery in Collaboration with Gulf of Suez Petroleum Company

(Dragon Oil )

UAE's Dragon Oil Achieves New Oil Discovery in Egypt

Dragon Oil, a wholly owned subsidiary of Emirates National Oil Company (ENOC), in collaboration with Gulf of Suez Petroleum Company (GUPCO) and the Egyptian General Petroleum Corporation (EGPC), announced a new oil discovery. 

This discovery was made through the drilling of the South Al Wasl exploration well in the Gulf of Suez region, as part of the partnership's efforts to enhance exploration activities and increase production.

Well logging results confirmed the presence of an oil reservoir within the Lower Radis Formation. Estimates indicate an addition of approximately 8 million barrels of original oil to the reservoir. Initial well tests also showed a production rate exceeding 2,000 barrels of oil per day.

This discovery is the result of a comprehensive program of geological and geophysical studies, employing the latest 3D seismic survey technology using OBN technology, which specializes in identifying promising geological structures and new exploration sites with high potential.

This achievement reflects the successful collaboration between Dragon Oil and its partners in the Arab Republic of Egypt, and reinforces partnership efforts to develop production in the Gulf of Suez, in line with plans to develop hydrocarbon resources and increase production in the coming years.

Dragon Oil, an Emirati company, affirmed its commitment to supporting and strengthening petroleum cooperation between the two countries and working to overcome any challenges to increasing joint investments.

The company also commended the development Egypt is witnessing in its infrastructure and the improvement of its investment climate under the leadership of President Abdel Fattah El-Sisi, particularly in the energy sector.