UAE's Dragon Makes Oil Discovery in Gulf of Suez
2/15/2022
CAIRO (Reuters) — United Arab Emirates-based Dragon Oil has made its first oil discovery in the Gulf of Suez, the Egyptian petroleum ministry said in a statement on Tuesday.
The discovery is one of the largest in the area in the past 20 years, it said, adding that the field could contain around 100 million barrels in reserves.
In a statement from its headquarters in Dubai, Dragon Oil also estimated the field's reserves at 100 million barrels.
Dragon Oil is an exploration and production arm of state-owned Emirates National Oil Company (ENOC).
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Pipeline Project Spotlight
Owner:
Gaz-System, Energinet
Project:
Baltic Pipe
Type:
Baltic Pipe will transport Norwegian natural gas from the Norwegian North Sea via Denmark to Poland.
Length:
560 miles (900 km)
Capacity:
110 Bcf per annum
Start:
Q2 2020
Completion:
Q4 2022
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