Dragon Oil Egypt Holdings (DOHL) signed a Memorandum of Understanding (MoU) with the Egyptian General Petroleum Corporation (EGPC) to consolidate existing concession agreements in the Gulf of Suez under a unified framework. The agreement was signed in the presence of Saeed Mohammed Al Tayer, Chairman of Dragon Oil, and Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources.

The MoU was Signed by Salah Abdel Kareem, CEO of EGPC, and Ali Rashid Al Jarwan, CEO of DO, the agreement underscores Dragon Oil’s commitment to digital transformation, regional energy development and operational excellence. It marks a pivotal move towards consolidating concession areas in the Gulf of Suez, thereby opening new investment opportunities, enhancing production, extending asset life and maximizing resource use.