Dragon Oil plans to invest $500mln in Egypt during 2024

Dragon Oil Company, wholly owned by the Dubai government, aims to invest $500 million in Egypt during 2024 to drill new wells and maintain the production rate at 61,000 barrels per day (bpd) of oil.

Ali Jarwan, CEO of Dragon Oil, announced the company’s plans during the Egypt Energy Exhibition and Conference (EGYPS 2024), according to Asharq Business.

Saeed Mohammed Al Tayer, Chairman of Dragon Oil, highlighted that their participation at EGYPS 2024 aligns with the firm’s strategy to develop economic cooperation relations with Egypt.

Al Tayer inaugurated Dragon Oil’s pavilion at EGYPS 2024 and gathered with officials to deepen cooperation with the Arab Republic in the energy sector, mainly oil and gas, especially in the field of energy transformation, emissions reduction, and decarbonisation.

Held under the slogan "Energy Stimulation... Securing Supplies, Energy Transition, and Reducing Emissions," the EGYPS 2024 is set to witness the participation of over 450 exhibiting companies and 12 country pavilions.

It will also witness 80 discussion sessions with more than 300 speakers who will participate in various discussion sessions that address current global trends in the oil and gas industry, most notably prices, supplies, energy transition, emissions reduction, and more.

At the beginning of 2024, Dragon Oil started the production of crude oil from the Al Wasl field of North Safa oil field, which was the first oil discovery by Dragon Oil in Egypt back in 2021.