UAE, Egypt sign $30 million deal to drill oil & gas wells in Suez Gulf

UAE-based Dragon Oil, owned by the Emirates National Oil Company, has signed an agreement worth $30 million with the Egyptian General Petroleum Corporation to drill two new oil and gas wells in the Gulf of Suez. 

Eng. Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil, executing the vision and following the guidance of the Board of Directors chaired by Saeed Mohamed Al Tayer, said:“The signing of this agreement reaffirms Dragon Oil’s commitment to strengthening its strategic presence in the Arab Republic of Egypt and supporting EGPC’s efforts to develop energy resources in the Gulf of Suez region, in line with the company’s vision for growth and sustainability.

Egypt also signed deals with Parenco Egypt and Apache for $46 million and $35 million, respectively. 

The first deal aims to re-award the North Sinai offshore area to Parenco Egypt, with investments to drill three wells. Parenco Egypt is a subsidiary of Egypt Kuwait Holding company (EKH).

Apache's agreement for the Western Dessert will include five new exploration areas, drilling 14 wells.