February 17, 2022
1 min read

Dubai firm discovers oil reserve in Gulf of Suez

Dubai-based Dragon Oil has discovered an oil reserve in the Gulf of Suez, Egyptian Ministry of Petroleum and Mineral Resources said…reports Asian Lite News


“The estimated reserve of the oil field, located in the northeastern Ramadan area, could be around 100 million barrels,” the ministry said in a statement on Tuesday, Xinhua news agency reported.

It is one of the largest oil reserves found in the area in the past 20 years, it added.

Dragon Oil was founded in 1971 in Ireland. The Emirates National Oil Company, a wholly owned company of the Government of Dubai, bought a controlling share in Dragon Oil in 1999 when its headquarters were relocated to Dubai.

Egypt’s Petroleum Minister Tarek El Molla said that there are about 45 to 50 million barrels that can be extracted, which could be done in less than a year.


“We will start talking immediately with our partners, Dragon Oil, about putting this discovery on a rapid development plan, so that in less than a year we can get this output quickly,” El Molla said in in an interview with Sky News Arabia.


The announcement of the discovery was made on the sideline of the ongoing Egypt Petroleum Show (EGYPS) 2022.


At the start of EGYPS, Badria Ahmed Khalfan, Chief Human Resources Officer at Dragon Oil said that the company was aiming to ramp up production this year. “Dragon Oil 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.”

ALSO READ: Dubai to begin trial of driverless taxis

Previous Story

India beat West Indies by 6 wickets to win first T20

Next Story

India’s Shiva Keshavan inducted into Olympians for Life Hall of fame

Latest from -Top News

Relief for Students: US Visa Cancellations Paused

More than 1,500 student visas have been cancelled so far…reports Asian Lite News The United States on Friday abruptly paused the cancellation of student visas issued to international students, according to reports.

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist

Vatican Hosts Final Rites for Pope Francis

The Argentine-born pontiff, the first from Latin America, died less than a month after returning home from a prolonged five-week hospitalisation for double pneumonia….reports Asian Lite News In an outpouring of global
Go toTop

Don't Miss

UAE, Japan boosting climate and energy cooperation

The UAE focused on solidifying bilateral cooperation within the framework

UAEU pavilion at Expo creates generation of job creators

The programme activities will be planned and conducted in line