UAE's Dragon Oil Struck Oil in Egypt's Gulf of Suez

HiDubai Newswire -

Dragon oil, a Dubai government owned entity has made the first oil discovery in Egypt's Gulf of Suez on Tuesday,  leading it to be the largest in the area in the past 20 years.

The field could contain around 100 million barrels in reserves. The announcement was made on the sidelines of the now-running Egypt Petroleum Show (EGYPS) 2022. Additionally, Dragon Oil in 2019 acquired BP’s stake at the Gulf of Suez Oil Company (GUPCO).

News Source: Emirates News Agency