UAE Dragon Oil is planning to invest $3 billion in the coming years in Egypt, according to the company’s CEO Abdulkarim Almaazmi. Speaking in the latest edition of Petrocast, the Ministry of Petroleum and Mineral Resources’ podcast, Al Maazmi pointed out that the company’s recent investments in Egypt 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.

In the third quarter (Q3) of 2026, Dragon Oil intends to drill an exploration well in East El-Hamd area. “We entered a bid round on the East El-Hamd, and we won. We have now started the first phase, which is the exploration phase,” said Al Maazmi.

In September, the company signed an  agreement with the Egyptian General Petroleum Corporation (EGPC) to drill at least two new oil and gas wells within East El-Hamd area in the Gulf of Suez region with investments of around $30 million.

Al Mazmi added that Dragon Oil submitted a binding offer to renew its concession agreement with Gulf of Suez Petroleum Company (GUPCO) for 20 years, with optional extensions, ensuring a long-term presence in Egypt. “For the next 20 years, we have an obligation to do a new seismic survey in other areas other than the one we did in 2021. We also have an obligation to invest at least $3 billion in the coming years,” said Al Mazmi.

In October 2019, Dragon Oil acquired Gulf of Suez Assets with 100% working interest, previously held by UK bp and operated by GUPCO, which is currently a 50/50 Joint Venture (JV) between Dragon Oil and EGPC.

Al Mazmi emphasised the strong bilateral relations between the UAE and Egypt that support Dragon Oil’s long-term commitment. The company has maintained its investment over the past two years, despite market uncertainties, and received all due payments from the Egyptian Government at the end of 2025.

Dragon Oil has increased production in the Gulf of Suez to over 60,000 barrels per day (bbl/d), a level not seen in years. Over the next five years, Dragon Oil plans to develop ageing facilities, conduct updated seismic surveys, and drill additional wells.according to EL Maazmi.

Dragon Oil, currently the third-largest producer in the Gulf of Suez, aims to become the country’s top oil producer, contributing to the Ministry of Petroleum and Mineral Resources’ target of almost doubling daily output to one million barrels by 2030.