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.
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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.”
