Dragon Oil, a subsidiary of the Emirates National Oil Company (ENOC) and fully owned by the Government of Dubai, has announced the signing of a significant agreement with the Egyptian General Petroleum Corporation (EGPC). This partnership aims to enhance exploration and production efforts in the Gulf of Suez, with a total investment of approximately USD 30 million.
Under this agreement, Dragon Oil will undertake a new program to drill at least two new wells within the East El-Hamd area, as part of a broader strategic initiative to expand operations, increase production, and intensify exploration activities in the region. This aligns with the joint objectives of the Egyptian Ministry of Petroleum and Dragon Oil to meet growing energy demands and support sustainable energy development.
Eng. Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil, commented on the agreement:
“The signing of this agreement reaffirms Dragon Oil’s commitment to strengthening its presence in Egypt, in line with our vision for growth and sustainability. This collaboration with EGPC reflects our drive to explore new resources in the Gulf of Suez, contributing to the increasing energy needs of the region.”
He further emphasized the strategic importance of expanding regional operations and strengthening Dragon Oil’s role in the global energy market, particularly in Egypt, as part of the UAE’s continued investments in international energy projects.
The agreement was signed at EGPC’s headquarters in Cairo, with key attendees including Eng. Salah Abdelkarim, CEO of EGPC, Eng. Tayeb Huwair, Chief Operating Officer at Dragon Oil, Eng. Karim Badawi, Egypt’s Minister of Petroleum, and Eng. Abdulkarim Ahmed Al Mazmi, along with senior executives from both parties.
Dragon Oil’s continued investment in Egypt supports the country’s energy infrastructure and contributes to its ongoing energy development efforts, reflecting the long-term partnership between the UAE and Egypt in the energy sector.
