"Dragon Oil" Her presence in Egypt is strengthened with investments worth 30 million dollars in the Gulf of Suez
Cairo, September 14/ WAM/ Dragon Ayel, which is entirely owned by the Emirates National Oil Company (ENOC) – affiliated to the Dubai Government, has signed a new agreement with the Egyptian General Petroleum Authority to enhance exploration and production activities in the Gulf of Suez.
The agreement provides for the implementation of investments worth approximately 30 million dollars, which includes a program to dig new wells with a minimum of two wells, within the framework of the strategic plan of the Egyptian Ministry of Petroleum to increase production and intensify exploration work.
Engineer Abdel Karim Ahmed Al Mazmi, Acting CEO of Dragon Oil, said that in implementation of the vision of the Board of Directors headed by His Excellency Saeed Mohamed Al Tayer, the signing of this agreement comes as an affirmation of Dragon Oil’s commitment to enhance its strategic presence in the Arab Republic of Egypt, and to support partnership efforts with the Egyptian General Petroleum Authority to develop energy resources in the Gulf of Suez, in line with the company’s vision of growth and sustainability.
He explained that the agreement includes digging two new wells in the field of oil and natural gas within the eastern region of Al -Hamad, which reflects the company’s direction towards exploring additional resources that contribute to meeting the increasing demand for energy.
He stressed that this step falls within the Dragon Oil strategy to expand in the regional markets and enhance its position as a major player in the oil and gas sector, in line with the directions of the UAE government, and in particular the Dubai government, in investing in global energy projects, especially in the sisterly Arab Republic of Egypt.
The agreement was signed at the headquarters of the Egyptian General Petroleum Corporation in Cairo, by Eng. Salah Abdel Karim, Chairman of the Egyptian General Petroleum Authority, Eng. Tayeb Huwair, CEO of Operations in Dragon Oil, in the presence of Eng. Karim Badawi, Minister of Petroleum and Mineral Resources in the Arab Republic of Egypt and Eng. Abdel Karim Ahmed Al Mazmi, Acting CEO of Dragon Oil.
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