Emirati Company Behind Major Oil Discovery in Gulf of Suez in 20 Years

The Egyptian Ministry of Petroleum announced on Tuesday that Emirates' Dragon Oil has made its first oil discovery in the Gulf of Suez. The ministry stated that this discovery is one of the largest oil finds in the Gulf of Suez in 20 years, with an expected reserve of approximately 100 million barrels. Dragon Oil completed the acquisition of BP's oil concessions in the Gulf of Suez, Egypt, in late 2019, and at that time, it announced plans to invest one billion dollars over five years to support and increase its production. The company, owned by the National Oil Company of the UAE and based in Dubai, stated that it has replaced BP as a partner of the Egyptian General Petroleum Corporation in Gulf of Suez Petroleum Company (GUPCO), which has 11 offshore oil concessions for exploration and production.