UAE’s Dragon Oil has discovered oil in the Gulf of Suez, according to a statement from the Egyptian Minister of Petroleum and Mineral Resources. The field contains potential reserves of around 100 million bbl inside the northeastern region of Ramadan. That estimate makes it one of the largest oil finds in the region over the past 2 decades. Development plans were not reported but reserve numbers could expand, the ministry said.
The oil field is the first discovery by Dragon Oil since it acquired 100% of BP’s Gulf of Suez Petroleum assets in 2019.
Dragon Oil, wholly owned by Emirates National Oil Co., holds 100% interest in East Zeit Bay off the southern Gulf of Suez region. The 93-km2 block lies in shallow waters of 10 to 40 m.