Dragon Oil achieves success in exploration drilling at East Crystal Well in Gulf of Suez

ANI February 2, 2025 228 views

Dragon Oil just made a huge breakthrough in oil exploration at the East Crystal well in the Gulf of Suez. The initial drilling results are super impressive, showing a production rate of over 2,000 barrels per day with potential for even more. The company is working on advanced technologies to potentially boost production to 5,000 barrels daily. This discovery is not just a win for Dragon Oil, but also supports Egypt's national strategy to increase domestic oil production.

"These results demonstrate the effectiveness of modern exploration techniques in revitalising mature fields" - Ali Rashid Al Jarwan, Dragon Oil CEO
Cairo, February 1: Dragon Oil has announced a significant achievement in its exploration drilling operations with the successful completion of initial drilling at the "East Crystal" well in the Gulf of Suez, in collaboration with GUPCO. Initial tests have shown a production rate exceeding 2,000 barrels per day (bpd), highlighting promising potential for increased output in the region.

Key Points

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Exploration drilling reveals promising production rates in Gulf of Suez

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Initial tests show over 2,000 barrels per day potential

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Estimated reserve of 8 million barrels

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Supports Egyptian petroleum ministry's production strategy

Currently, further evaluation is underway using cutting-edge technologies to enhance production capacity, aiming to reach over 5,000 bpd. This discovery aligns with the Egyptian Ministry of Petroleum's strategy to boost domestic production and maximise resource utilisation. Preliminary estimates suggest that the well holds a potential reserve of 8 million barrels.

Commenting on this achievement, Ali Rashid Al Jarwan, CEO of Dragon Oil, emphasised that these results demonstrate the effectiveness of modern exploration techniques in revitalising mature fields, contributing to sustainable production and maximising the utilisation of available oil reserves.

He further stated that these discoveries reinforce Dragon Oil's commitment to ensuring long-term production sustainability, in line with the contract duration, while focusing on achieving a high-quality recovery rate. This, in turn, strengthens the company's role as a strategic partner in energy security and domestic production growth. (ANI/WAM)

Tags:
Dragon Oil Gulf of Suez Oil Exploration Ali Rashid Al Jarwan GUPCO Petroleum Drilling Egypt Energy
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