Dragon Oil discovers 100 bln barrels offshore Egypt

Egypt

CAIRO, February 16, 2022 – Dragon Oil has discovered reserves of around 100 billion barrels of oil on the Gulf of Suez, Egypt, the Dubai-based E&P company announced on Tuesday.

The company acquired some of BP’s offshore Egypt assets in 2019 and BP’s stake in Gulf of Suez Petroleum Company.

The Egyptian joint venture controls the MCA and LL87 concessions.

The play is expected to begin production in less than a year.

Exact exploration area or well details were not disclosed.

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