Dragon Oil announces new well discovery in Egypt
Dragon Oil, a wholly owned subsidiary of the Emirates National Oil Company (ENOC), announced the successful completion of a major new oil discovery in the Gulf of Suez, Egypt, WAM reports.
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 milestone marks another significant 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 emphasized 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.
Earlier, Qazinform News Agency reported that Egypt had unveiled major gas discovery at Zohr field.
