Dragon Oil makes oil discovery in Gulf of Suez
United Arab Emirates company Dragon Oil Co. discovered oil in the Gulf of Suez. The field contains potential reserves of around 100 million bbl, inside the northeastern region of Ramadan, according to a Feb. 15 statement from the Egyptian Minister of Petroleum and Mineral Resources.
Details on a possible development plan were not reported, but reserve numbers could expand, the ministry said.
The oil field is the first discovery by Dragon Oil since it acquired 100% of bp’s Gulf of Suez Petroleum Co. assets in 2019 (OGJ Online, June 5, 2019).
Badria Ahmed Khalfan, chief human resources officer at Dragon Oil, said at the ongoing Egypt Petroleum Show (EGYPS) in Cairo that the company “aims to reach production rates of 65,000-70,000 b/d, compared to an average of 60,000 b/d in 2021,” according to international media.
Dragon Oil holds 100% interest in East Zeit Bay off the southern Gulf of Suez region. The 93-sq km block lies in shallow waters of 10-40 m.
Dragon Oil is 100% owned by Emirates National Oil Co.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
