Dubai’s Gupco signs agreement with Egyptian firms worth $41m

The Gulf of Suez Petroleum Company (Gupco), the joint company between Dragon Oil, an upstream exploration and production platform fully owned by the Government of Dubai, and the Egyptian General Petroleum Corporation, has signed an agreement with the Engineering for the Petroleum & Process Industries (ENPPI), (PETROJET) and the Petroleum Marine Services Company (PMS), worth $41 million.

The agreement aims to launch a marine platform to develop the “North Safa” field and to install 10-km-long production lines, in order to increase production from 10,000 bpd to 15,000 bpd.

The agreement was signed at the conclusion of the 5th edition of the Egypt Petroleum Show (Egyps 2022) held during recently at the Egypt International Exhibition centre with the support of the Ministry of Petroleum and Mineral Resources-Egypt.

Present were the geologist Alaa Al Batal, Chairman of the Egyptian General Petroleum Corporation, Badria Ahmed Khalfan, Chief Human Resources Officer at Dragon Oil, Eng. Mohamed Al Meligy, Chairman of Gupco, and Mohamed Farouk, Director-General of Gupco.

Commenting on the agreement, Badria Khalfan, said, “The agreement translates Dragon Oil’s effective role as a partner committed to strengthening the ties between the UAE and Egypt through mutually beneficial expansion plans that contribute to creating long-term value for all stakeholders.”

“This agreement also comes within the company’s strategic planes to foster its growth and expansion in the Egyptian market through intensifying the exploration, developing the fields and repairing the wells to increase the production from the oil fields in Gulf of Suez,” she added.

Recently, Dragon Oil announced its first oil discovery in the Gulf of Suez, Arab Republic of Egypt. The field could contain around 100 million barrels in reserves, representing one of the largest discoveries in the Gulf of Suez in the past 20 years, the company said.

The new petroleum field is the first discovery of Dragon Oil in Egypt, since it has become key player in the sector in Egypt, following its full acquisition of BP’s Gulf of Suez assets.

The field will be added soon to the portfolio of the Gulf of Suez Petroleum Company (Gupco).

“Dragon Oil”, an Emirati company established in 1971. It is an upstream oil and gas exploration, development and production company fully owned by the Government of Dubai, and its business extends to Turkmenistan, Iraq and Egypt.

Dragon Oil, an upstream exploration and production platform fully owned by the Government of Dubai, has unveiled its first oil discovery in the Gulf of Suez, Arab Republic of Egypt on Wednesday.

The field could contain around 100 million barrels in reserves, representing one of the largest discoveries in the Gulf of Suez in the past 20 years, the company said.

The announcement was made on the sidelines of the 5th edition of the Egypt Petroleum Show (Egyps 2022) during Feb.14-16, 2022 at the Egypt International Exhibition centre with the support of the Ministry of Petroleum and Mineral Resources-Egypt.