Emirates-Based Dragon Oil Plans USD 500 Million Investment in Egypt

Emirati petroleum giant Dragon Oil has announced its intention to invest USD 500 million in Egypt during 2024, drilling new oil wells in the Gulf of Suez with a total production aim of 61,000 barrels per day (bpd). Ali Jarwan, CEO of Dragon Oil, announced the company’s plans during the Egypt Energy Exhibition and Conference (EGYPS 2024), after their pavilion at the event was inaugurated by Saeed Mohammed Al Tayer, Chairman of Dragon Oil.

This year’s EGYPS event has seen the participation of over 450 exhibiting companies, alongside 12 country pavilions, hosting discussions on global trends in the oil and gas industry and addressing challenges posed by energy transition and emissions reduction.

In 2021, Dragon Oil discovered the North Safa oil field in the Gulf of Suez, with production at the Al Wasl field in North Safa beginning at the start of 2024. Production from this site is expected to reach 15,000 bpd. It is considered the largest oil discovery in the Gulf of Suez in the last 20 years, with conservative estimates for its oil reserve reaching 95 million barrels in total.