Dragon Oil, fully owned by the Emirates National Oil Company (ENOC), in partnership with Gulf of Suez Petroleum Company (GUPCO) and the Egyptian General Petroleum Corporation (EGPC), has announced the discovery of a new oil find. This significant achievement occurred thanks to drilling an exploration well south of the Waleed area in the Gulf of Suez, aimed at enhancing exploration activities and boosting production.
Data from well logging confirmed the presence of an oil reservoir within the Lower Rudeis formation, with estimates suggesting an addition of approximately 8 million barrels of the original oil in place.
Initial testing results of the well indicated a production rate exceeding 2,000 barrels of oil per day.
This exploration success is the outcome of an integrated program that included geological and geophysical studies and the application of cutting-edge 3D seismic surveying techniques, utilizing innovative methods to identify promising geological structures and explore new high-potential sites.
This achievement showcases the effective collaboration between Dragon Oil and its partners in Egypt, reinforcing the commitment to advancing production in the Gulf of Suez in alignment with plans for hydrocarbon resource development and increased output in the coming years.