Egypt reports new oil discovery in Gulf of Suez

CAIRO, November 21, 2025 – Egypt’s GUPCO has made a new oil discovery in the Gulf of Suez that will add 3,000 bopd to production, the country’s Ministry of Petroleum and Mineral Resources said on Thursday.

GUPCO, a joint venture between the Egyptian General Petroleum Corporation and the UAE’s Dragon Oil, made the find through the successful drilling of the Crystal Northeast Ramadan exploratory well. Production is expected to commence in the coming days.

The well, also referred to as East Crystal‑1, is located within the North East Ramadan Concession.

The discovery utilised ocean-bottom seismic technology to access geological formations beneath the seabed that were previously unreachable, the ministry said.

GUPCO has invested around USD 415 million in the 2023/24 fiscal year for exploration, production and related activities. It has maintained average production of about 57,000 bopd and is actively drilling new wells in its North Safa and Al‑Wasl fields to boost output further.

The company is also upgrading infrastructure, deploying digital technologies and implementing safety and environmental initiatives such as flare‑gas capture and renewable‑energy integration.

Dragon Oil is a Dubai‑based upstream company wholly owned by the government of Dubai. It has operated in Egypt since acquiring full ownership of GUPCO in 2019 and is active in the Gulf of Suez through its redevelopment of mature offshore oilfields.

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