Dubai state-owned Enoc subsidiary Dragon Oil says it has made its first oil discovery in Egypt’s Gulf of Suez, since its 2019, $500mn purchase of UK major BP’s Gupco assets (MEES, 25 October 2019). The announcement was made on the sidelines of the Egypt Petroleum Show in Cairo this week. Dragon says it is the largest discovery made in the Gulf of Suez in the past 20 years and could contain reserves of around 100mn barrels.

The discovery was made in the North East Ramadan concession, located opposite the port of Ras Gharib on the east bank of the Gulf of Suez. According to a MEES source drilling began in Q4 last year and testing is under way, while more appraisal wells could be drilled in the future. The field will likely be tied-in to existing infrastructure but as yet no estimates have been made for how much oil the discovery will eventually produce. (CONTINUED - 321 WORDS)