Dragon Oil, fully owned by the UAE's national oil company (ENOC), in cooperation with Gulf of Suez Petroleum Company (GASCO) and the Egyptian General Petroleum Authority, announced a new oil discovery. This achievement was made by drilling an exploratory well south of the city of Usayl in the Gulf of Suez area as part of a partnership aimed at enhancing exploration activities and increasing production. Well measurement results confirmed the presence of an oil reservoir within the Lower Rudeis formation. Estimates indicate an additional eight million barrels of crude oil in the reservoirs. Initial tests on the well also showed a production rate of over 2000 barrels of oil per day.
