Dragon Oil, a subsidiary of state-owned Emirates National Oil Company, has made its first oil discovery in Egypts Gulf of Suez
According to state-owned news agency Wam, the discovery is reported to be one of the largest in the area in the past 20 years and could be around 100 mmbbl in reserves.
Dragon Oil acquired its interests in the Gulf of Suez oil concessions in Egypt from BP in June 2019, when Dragon purchased producing and exploration concessions, including BP’s interest in the Gulf of Suez Petroleum Company (GUPCO).
The sale was part of BP’s plan to divest more than US$10bn of assets globally over two years.
