Dragon Oil Company has made its first oil field discovery in the Gulf of Suez since it became an active player in the Egyptian oil and gas sector after it acquired 100% of the British BP’s assets in all the oil production and discovery concessions in the Gulf of Suez, the ministry said in a statement.

The announcement about the new discovery came during a meeting between  Minister of Petroleum and Mineral Resources, Tarek El Molla and Ali Al Jarwan, President of the Dragon Oil Company, where they discussed the company’s activities in the Gulf of Suez region, the ministry said in a statement.

The first expected oil stock for the new discovery is about 100 million barrels inside the north-eastern region of Ramadan, with the possibility of adding a larger expected oil stock when starting the development plan, and it is considered one of the largest oil discoveries in the Gulf of Suez in 20 years.