Cairo: Dragon Oil, wholly owned by the Emirates National Oil Company (ENOC) and fully owned by the Government of Dubai, announced the signing of a new agreement with the Egyptian General Petroleum Corporation (EGPC) to enhance exploration and production activities in the Gulf of Suez.
According to Emirates News Agency, the agreement provides for investments of around USD 30 million, including a program to drill at least two new wells in the fields. This initiative is 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.
Eng. Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil, stated that the signing of this agreement reaffirms Dragon Oil’s commitment to strengthening its strategic presence in Egypt and supporting EGPC’s efforts to develop energy resources in the Gulf of Suez region. This is in line with the company’s vision for growth and sustainability.
The agreement includes the drilling of two new wells of oil and natural gas within the East El-Hamd area. This reflects the company’s initiative to explore additional resources that contribute to meeting the growing demand for energy.
Al Mazmi further emphasized that this step is 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. This aligns with the directions of the Government of the United Arab Emirates, particularly the Government of Dubai, to invest in global energy projects, especially in Egypt.
The agreement was signed at the Egyptian General Petroleum Corporation (EGPC) in Cairo by Eng. Salah Abdelkarim, CEO of EGPC, and Eng. Tayeb Huwair, Chief Operating Officer at Dragon Oil. The signing ceremony was attended by Egypt’s Minister of Petroleum Eng. Karim Badawi, Eng. Abdulkarim Ahmed Al Mazmi, and several ministry undersecretaries and senior executives from both sides.