Dragon Oil Company, wholly owned by the Government of Dubai, signed a commercial marketing agreement with the Egyptian General Petroleum Corporation (EGPC) , for quantities of production from the North Safa and Al-Wasl fields in the Gulf of Suez to export their shares of the additional crude oil produced from the two fields, which represents one of the components of the Gulf of Suez mixture. For the first time, the two sides are in the global market together, reported WAM.
This comes after the successful start of production from the two fields, with an additional average production expected to reach 10 thousand barrels per day during the coming period, which will achieve many economic interests for both parties and enhance the value and presence of Egyptian crude in the global market.
It also comes within the framework of the company’s keenness to strengthen its presence in the Egyptian market to increase investments, raise production rates, and cooperate to face the global challenges and changes.
Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil Company, said, “The commercial marketing agreement signed at EGYPS 2024 is the result of the fruitful partnership between Dragon Oil Company and the Egyptian General Petroleum Corporation, and it is also an introduction to the upcoming investment projects that benefit both countries.”
Al Tayer added, “EGYPS 2024 is a global platform that enables us, through our permanent participation, to enhance communication with various partners and exchange opinions with our counterparts from other companies about the reality of the global market and about the latest developments in the world of the oil industry, especially in terms of implementing the outcomes of the COP28 Conference of the Parties related to the removal of carbon from the oil and gas industry to reduce carbon emissions and achieve the United Nations Sustainable Development Goals 2030."
Engineer Ali Rashid Al-Jarwan, CEO of Dragon Oil, signed the agreement on the Emirati side, while Alaa Al-Batal, CEO of the Egyptian General Petroleum Corporation, signed on the Egyptian side.
The second day of Dragon Oil's participation in the EGYPS 2024 exhibition was full of activities, meetings, and bilateral discussions that dealt with the realities of the oil industry, prices, and the hydrogen industry.
The various meetings demonstrated the high position that Dragon Oil now enjoys in the regional and global oil markets. The meetings were also an opportunity to present projects. Different companies are especially interested in sustainable development.
In the same context, Saeed Al Tayer met with Hayyan Abdul Ghani, Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil, and his accompanying delegation, and they reviewed the company’s projects in Iraq and ways to develop them and enhance Dragon Oil’s presence in the Iraqi oil market in a way that serves both parties.
In continuation of the company’s activity in the Republic of Egypt, Saeed Al Tayer, along with Engineer Tariq Al Mulla, Egyptian Minister of Petroleum and Mineral Resources, inaugurated the CSR Charity Exhibition, supported by Dragon Oil Company, in the presence of a large number of officials from both parties.
The Government of Dubai wholly owns Dragon Oil-Egypt, one of Egypt's pioneering joint companies in petroleum production. The company focuses on the field of research, exploration, and petroleum production in the Gulf of Suez, with comprehensive and sustainable implementation strategies, ambitious plans, training programmes, and programmes for continuous development to reach the desired goals according to a vision capable of meeting the company’s aspirations for its activities in Egypt.