Dragon Oil, wholly owned by Dubai government, is considering three new investment opportunities in Egypt, Asharq News reported, citing the company’s acting CEO Abdulkarim al-Mazmi.
Speaking on the sidelines of the first day of the Water, Energy, Technology and Environment Exhibition (WETEX) 2025 in Dubai, al-Mazmi added that the company signed an agreement two weeks ago to drill two wells in the East Hamad area with investments of at least US$30 million, with the exploration period expected to last three years.
Dragon Oil CEO Ali Al-Jarwan said in an interview with Asharq News earlier in February that the company is exploring further opportunities in Egypt’s oil sector as its outstanding receivables from the government have significantly decreased.
He added that the company is committed to investing $500 million in Egypt by 2025 for its operating and capital budget.
Production increase
The company is pursuing a strategy aimed at reaching a production level of 200,000 barrels per day by 2030.
According to Al-Mazmi, its total investment budget across the three countries where it operates—Turkmenistan, Iraq, and Egypt—amounts to approximately $1.6 billion.
Dragon Oil acquired all of BP’s rights and concessions in the Gulf of Suez region in 2020, in a deal worth $850 million, self-financed, becoming a partner of the Egyptian General Petroleum Corporation instead of the British company BP in all oil production and exploration concessions in the Gulf of Suez owned by the joint venture company GUPCO.
There are currently 57 companies operating in Egypt in the field of exploration and production, including eight major international companies, six specialized Egyptian companies, and more than 12 international companies working in the petroleum and technology services sector.
Al-Mazmi explained that the company focuses its activities on the Middle East and North Africa region and the Caspian Sea countries, and has also begun exploring opportunities in Southeast Asia.
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