Dragon Oil achieves a new oil exploration in the Gulf of Suez

Dragon Oil, wholly owned by Emirates National Oil Group (ENOC), in cooperation with the Gulf of Suez Petroleum Company (GUPCO) and the Egyptian General Petroleum Corporation, announced the achievement of a new oil discovery by drilling the exploratory well south of Al Wasl in the Gulf of Suez region, as part of the partnership’s efforts to enhance exploration activities and increase production.

The results of well recordings confirmed the presence of a petroleum reservoir within the Lower Redis Formation. It is estimated that about 8 million barrels of original oil have been added to the reservoirs.

The results of the well’s initial tests showed a production rate of more than 2,000 barrels of oil per day.

This exploration comes as a result of implementing an integrated program of geological and geophysical studies and applying the latest 3D seismic surveying techniques using OBN technology, which specializes in identifying promising geological structures and new exploration sites with high potential.

This achievement reflects the success of cooperation between Dragon Oil and its partners in the Arab Republic of Egypt, and the strengthening of partnership efforts to develop production in the Gulf of Suez, in line with plans to develop hydrocarbon resources and increase production in the coming years.