February 15, 2022

Illustration only - Credit: xmentoys/AdobeStock

Illustration only – Credit: xmentoys/AdobeStock

United Arab Emirates-based Dragon Oil has made its first oil discovery in the Gulf of Suez, the Egyptian petroleum ministry said in a statement on Tuesday.

The discovery is one of the largest in the area in the past 20 years, it said, adding that the field could contain around 100 million barrels in reserves.

In a statement from its headquarters in Dubai, Dragon Oil also estimated the field’s reserves at 100 million barrels.

(Reporting by Ahmed Ismail, writing by Maher Chmaytelli; editing by Jason Neely and David Evans)

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