Dragon Oil, a wholly owned subsidiary of the Emirates National Oil Company (ENOC), announced the completion of a major new oil discovery in the Gulf of Suez, Egypt.
The achievement,
realised in close partnership with Egypt’s General Petroleum Corporation
(EGPC), reflects Dragon Oil’s continued commitment to expanding its exploration
activities and strengthening its operational footprint across the Arab Republic
of Egypt.
This marks another
success in the company’s exploration campaign that began in early 2020,
culminating in a series of promising results that are expected to translate
into higher production levels throughout 2026.
The well, drilled from
the North-East Ramadan Concession offshore platform reached a total depth of
13,425 feet, successfully intersecting the Crystal NER-1X reservoir.
Initial wireline
logging results confirmed strong hydrocarbon indications within a 224-foot
column in the Honey Sand formation, reinforcing the geological potential of the
concession.
The discovery comes as
part of Dragon Oil’s drilling of three exploratory wells under its current
commitment agreement in the North -East Ramadan Concession.
The first two wells
were completed earlier this year with cumulative success rates exceeding 100%
of projected targets, while the third well is scheduled for completion in Q1
2025 using the Crystal NER-1X offshore drilling platform.
Abdulkarim Al Mazmi,
CEO of Dragon Oil, said the success reflects a fully integrated effort across
all teams in Dubai and Egypt, noting that it demonstrates the strength of the
company’s technical partnership with EGPC and GUPCO. He emphasised that the
initial results show excellent hydrocarbon indicators, supporting Dragon Oil’s
vision to increase production and unlock new opportunities across its assets in
Egypt. Early assessments project potential production reaching around 3,000
barrels per day once the well is tied into the existing network.
The company stated
that the discovery further strengthens its cooperation with Gulf of Suez
Petroleum Company (GUPCO), supported by the Ministry of Petroleum and Mineral
Resources and the Egyptian General Petroleum Corporation.
Dragon Oil’s
leadership extended its appreciation to the Chairman and Board of Directors for
their ongoing support to the technical and operational teams in both Dubai and
Cairo.
Dragon Oil is
currently completing final wireline logging, core sampling, and reservoir
evaluation. Once commercial viability is confirmed, the well will be integrated
into the production grid through the North-East Ramadan platform July,
immediately after technical evaluation.
The well was drilled based on findings from the high-resolution OBN 3D seismic survey conducted in the Gulf of Suez in 2020, which enhanced predictive accuracy and helped identify new development prospects under the current commitment agreement. -TradeArabia News Service
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