By Staff Reporter
Dragon Oil Strengthens Egyptian Operations with New Gulf of Suez Agreement
Dragon Oil, a wholly owned subsidiary of the Emirates National Oil Company (ENOC), has signed a landmark agreement with the Egyptian General Petroleum Corporation (EGPC) to boost exploration and production in the Gulf of Suez.
The deal, valued at around USD 30 million, marks a strategic expansion of the company’s presence in Egypt.
Under the agreement, Dragon Oil will drill at least two new oil and natural gas wells in the East El-Hamd area as part of a joint plan with the Egyptian Ministry of Petroleum. The initiative aims to increase production, intensify exploration, and support Egypt’s growing energy needs.
Eng. Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil, said the agreement
“reaffirms Dragon Oil’s commitment to strengthening its strategic presence in Egypt and supporting EGPC’s efforts to develop energy resources in the Gulf of Suez region.”
He noted that the move aligns with the company’s broader strategy to expand regionally and invest in sustainable growth, following the guidance of the Government of Dubai.
The signing ceremony took place at EGPC’s headquarters in Cairo and was attended by Egypt’s Minister of Petroleum, Eng. Karim Badawi, along with senior executives from both Dragon Oil and EGPC. Eng. Salah Abdelkarim, EGPC CEO, and Eng. Tayeb Huwair, Dragon Oil COO, formally executed the agreement in front of ministry officials.
This latest collaboration reflects Dragon Oil’s ongoing commitment to regional energy development and underscores the UAE government’s strategy of investing in key international oil and gas projects, particularly in Egypt.
News Source: Emirates News Agency
