UAE Dragon Oil Company announced a new petroleum discovery in the Gulf of Suez in Egypt.
The company explained – according to a statement by the Egyptian Ministry of Petroleum – that the estimated initial expected oil stock for the new discovery is about 100 million barrels inside the northeastern region of Ramadan, with the possibility of adding a larger expected oil stock when starting the development plan, and it is one of the largest oil discoveries in the Gulf of Suez in 20 years.
The new oil field is the first discovery by Dragon Oil since it became an active player in the petroleum sector in Egypt, after it acquired 100 percent of the British BP’s assets in all oil production and discovery concessions in the Gulf of Suez.
This came during a meeting between Tarek El-Molla, Minister of Petroleum and Mineral Resources, with Ali Al-Jarwan, head of the UAE Dragon Oil Company, where they discussed the company’s activities in Egypt in the Gulf of Suez region.
