Image Credit: AFP

Dubai: Dubai oil producer Dragon Oil on Tuesday announced the discovery of oil reserves in the Gulf of Suarez, Egypt.

The field could contain around 100 million barrels in reserves, representing one of the largest discoveries in the region in the past 20 years, the company said.

The new petroleum field is the first discovery of Dragon Oil in Egypt, where it has become key player in the sector, following its full acquisition of BP’s Gulf of Suez assets.

“We are glad to announce our first oil discoveries in Egypt, and we aspire to more success during the coming period. We will continue to work for more discoveries sustainably in the promising Egyptian market to create long-term value for the benefit of all,” said Saeed Mohammed Al Tayer, Chairman of Dragon Oil.

Saeed Mohammed Al Tayer, Chairman of the Board of Trustees at Suqia UAE
“The new discovery comes within the framework of the firm cooperation and the strong brotherly ties between the UAE and Egypt,” said Al Tayer.

Ali Al Jarwan, CEO of Dragon Oil, 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.”

“The company aims to reach production rates of 65,000-70,000 barrels per day, compared to an average of 60,000 per day in 2021, as its financial solvency allows for further expansion and exploration in several regions,” said Al Jarwan.