Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi held talks with the CEOs of Emirates National Oil Company (ENOC) and Dragon Oil to discuss opportunities for scaling investments in the Egyptian petroleum sector, according to a statement

The executives lauded Egypt's full settlement of outstanding dues owed to international oil companies (IOCs), emphasizing that this step reflects the Egyptian economy’s strength and credibility, contributing to bolstering investor confidence and creating an attractive investment climate.

For his part, Badawi praised the tangible successes achieved by Emirati companies, particularly Dragon Oil, in Egypt, reflecting the group’s commitment to expanding its investment programs.

He stressed the importance of developing a shared vision and a clear roadmap to leverage promising opportunities, especially in aviation fuel supply, maximizing added value and serving the interests of both sides.

Dragon Oil, through its subsidiary the Gulf of Suez Oil Company (GUPCO), in collaboration with the Egyptian General Petroleum Corporation (EGPC), has deployed the latest technology and AI-based tools to enhance field operations in the Gulf of Suez region, which helped boost production and open new avenues for investment.

In April, GUPCO unveiled the drilling of a new exploratory well in the South Al Wasl area of the Gulf of Suez, which yielded production rates of approximately 2,500 barrels of oil per day (bopd) and 3 million cubic feet of natural gas.

Also, President Abdel Fattah El-Sisi issued a decree last month permitting contracting with the EGPC and Dragon Oil Egypt for oil exploration and exploitation in the East Al-Hammd area in the Gulf of Suez.