Karim Badawi, Minister of Petroleum and Mineral Resources, met with a delegation from the state-owned Emirates National Oil Company (ENOC), headed by its CEO, Hussain Sultan Lootah and Abdulkarim Almaazmi‏, CEO of Dragon Oil, a subsidiary of ENOC, to discuss opportunities for expanding Emirati investments in Egypt’s oil and gas sector.

The two sides agreed to form a joint working team to develop an executive program for expanding UAE’s investments in Egypt’s petroleum sector and to study available opportunities in aviation fuel supply, exploration, and production,supporting the strategic partnership between the two countries and opening new horizons for growth and investment.

During the meeting, ENOC and Dragon Oil officials praised the success achieved by the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR) in fully settling the dues of investment partners, affirming that this step reflects the strength and credibility of the Egyptian state and contributes to enhancing investor confidence and creating an attractive environment for further investments.

Badawi stated that the Egyptian‑Emirati partnership in the petroleum sector represents a distinguished model of Arab economic integration, praising the tangible successes achieved by Emirati companies, foremost among them Dragon Oil, in Egypt, and their commitment to continuing and expanding their investment programs.

Badawi praised Dragon Oil’s recent achievements, noting that through its joint venture with the Egyptian General Petroleum Corporation (EGPC), the Gulf of Suez Petroleum Company (GUPCO), the firm has achieved a qualitative leap in the Gulf of Suez. By deploying advanced digital technologies and artificial intelligence (AI) applications, Dragon Oil has re‑energised the area’s production potential, maximised output, and opened new horizons for investment

He added that the Ministry is keen to provide all necessary support to expand the company’s activities in its current concession areas and to move into promising exploratory regions, particularly in the Red Sea, thereby enhancing the chances of new discoveries that support the state’s plans to increase production and secure local market needs.

In April, Almaazmi noted that Dragon Oil will invest $3 billion in the coming years in Egypt, highlighting that the company’s recent investments in the country include a new well discovery in the North Safa field as well as the East Crystal well discovery at the end of 2025. These milestones, he said, underscore the potential for further investment in the region’s oil and gas sector.