Dubai government-owned Dragon Oil has made its first oil discovery in Egypt’s Gulf of Suez on Tuesday.
The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves.
The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022. Dragon Oil in 2019 acquired BP’s stake at the Gulf of Suez Oil Company (GUPCO).