Arab Finance: Minister of Petroleum and Mineral Resources Tarek El-Molla met with the President of UAE's Dragon Oil Company Saeed Mohammed Al Tayer on the sidelines of the Egypt Energy Show (EGYPS 2024) to discuss the company’s plans in Egypt to boost oil production rates, as per a statement.

The company is set increase its production rates by drilling several development wells and implementing a number of projects.

In collaboration with the Gulf of Suez Petroleum Co (GUPCO), Dragon Oil’s production from the first conventional oil well of the North Safa field stands at 2,500 barrels per day, Al Tayer pointed out.

Once all the development stages of the field are complete, the production from the field will reach 6,000 barrels per day, he added.

In the same vein, CEO of Dragon Oil Ali Al-Jarwan revealed in an interview with Asharq Business that the company aims to invest $500 million in Egypt this year.

The investments will be directed to drilling wells and maintaining a production rate of 61,000 barrels a day, Al-Jarwan pointed out.

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