Dragon Oil, a major oil and gas exploration, development and production business based in Dubai, has announced a significant achievement in its exploration drilling operations in Egypt with the successful completion of initial drilling at the East Crystal well in the Gulf of Suez.

 

This has been successfully implemented in collaboration with Gulf of Suez Petroleum Company (Gupco), said a statement from Dragon Oil. 

 

A joint venture between Egyptian General Petroleum Corporation (EGPC) and global energy giant BP, Gupco is one of the largest oil producers in Gulf of Suez Basin (Egypt) since 1960s.

 

According to Dragion Oil, initial tests have shown a production rate exceeding 2,000 barrels per day (bpd), highlighting promising potential for increased output in the region.

 

Currently, further evaluation is underway using cutting-edge technologies to enhance production capacity, aiming to reach over 5,000 bpd. 

 

This discovery aligns with the Egyptian Ministry of Petroleum’s strategy to boost domestic production and maximise resource utilisation. Preliminary estimates suggest that the well holds a potential reserve of 8 million barrels.

 

On the achievement, CEO Ali Rashid Al Jarwan said these results demonstrate the effectiveness of modern exploration techniques in revitalising mature fields, contributing to sustainable production and maximising the utilisation of available oil reserves.

 

These discoveries reinforce Dragon Oil’s commitment to ensuring long-term production sustainability, in line with the contract duration, while focusing on achieving a high-quality recovery rate, he stated. 

 

"This, in turn, strengthens the company’s role as a strategic partner in energy security and domestic production growth," he added.-TradeArabia News Service