Dragon Oil And Egyptian Corporation Unite For Crude Oil Global Market Expansion

Dragon Oil Company, under the full ownership of the Government of Dubai, has recently entered into a significant commercial marketing agreement with the Egyptian General Petroleum Corporation. This partnership marks a pivotal moment for both entities as they collaborate to export their shares of additional crude oil produced from the North Safa and Al-Wasl fields located in the Gulf of Suez. This venture into the global market together is a first for both parties and follows the successful commencement of production in these fields.

The collaboration is expected to yield an average additional production of 10 thousand barrels per day in the coming period. This increase in production is anticipated to bring substantial economic benefits to both parties and bolster the presence of Egyptian crude oil on the global stage. The agreement aligns with Dragon Oil's strategic objectives to expand its investments and production rates in Egypt, amidst global challenges and changes in the oil industry.

Saeed Mohammed Al Tayer, Chairman of Dragon Oil's Board of Directors, highlighted that this agreement, signed at EGYPS 2024, is a testament to the fruitful partnership between Dragon Oil and the Egyptian General Petroleum Corporation. Al Tayer emphasized the importance of EGYPS 2024 as a global platform that facilitates networking with partners and discussions on industry trends, particularly those related to carbon emission reduction in line with the COP28 Conference outcomes and the United Nations Sustainable Development Goals 2030.

The signing ceremony saw Eng. Ali Rashid Al-Jarwan, CEO of Dragon Oil, representing the Emirati side, while Alaa Al-Batal, CEO of the Egyptian General Petroleum Corporation, signed for Egypt. The event underscored Dragon Oil's prominent position in both regional and global oil markets through various meetings and discussions focused on industry realities, pricing, and sustainable development initiatives.

Additionally, Saeed Al Tayer met with Hayyan Abdul Ghani, Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil. Their discussions revolved around enhancing Dragon Oil’s projects and presence in Iraq's oil market. In Egypt, Al Tayer and Eng. Tariq Al Mulla, Egyptian Minister of Petroleum and Mineral Resources, inaugurated a CSR Charity Exhibition supported by Dragon Oil, showcasing the company's commitment to sustainable development and community support.

Dragon Oil-Egypt stands as a testament to successful joint ventures in petroleum production within Egypt. With a focus on research, exploration, and production in the Gulf of Suez, Dragon Oil-Egypt is dedicated to implementing comprehensive strategies for sustainable growth and development. This initiative not only aims at achieving ambitious production targets but also at fostering continuous improvement and training programs that align with the company’s long-term vision for its operations in Egypt.

With inputs from WAM