UAE’s Dragon Oil Signs $30 Million Deal for New Egypt Oil Wells
Cairo, Egypt – UAE-based Dragon Oil, owned by the Emirates National Oil Company, has signed a significant $30 million agreement with the Egyptian General Petroleum Corporation to drill two new oil and gas wells in the Gulf of Suez, marking a major expansion of UAE investment in Egypt’s energy sector.
Eng. Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil, emphasized that the agreement reaffirms the company’s commitment to strengthening its strategic presence in Egypt and supporting EGPC’s efforts to develop energy resources in the Gulf of Suez region.
The signing is part of a broader wave of international investment in Egypt’s oil and gas sector. Simultaneously, Egypt has secured additional deals worth $81 million with Parenco Egypt ($46 million) and Apache ($35 million). The Parenco Egypt agreement, involving a subsidiary of Egypt Kuwait Holding company, aims to re-award the North Sinai offshore area with investments to drill three wells. Apache’s agreement for the Western Desert will include five new exploration areas and drilling of 14 wells.
These investments signal growing international confidence in Egypt’s energy sector and the country’s potential for significant hydrocarbon discoveries in both offshore and onshore areas.
Source: arnnewscentre.ae
