UAE Dragon Oil has signed a new 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, according to a company press release.

Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil noted that this step comes as part of Dragon Oil’s broader strategy to expand in regional markets and to strengthen its position as a leading player in the oil and gas sector particularly Egypt.

Dragon Oil was established in 1971 and is headquartered in Dubai, UAE. It is the global upstream operating arm of the Emirates National Oil Company (ENOC). Dragon Oil is engaged in the exploration, development, and production of oil and gas across a diverse portfolio of concessions, including Turkmenistan, Iraq, and Egypt.

The company commenced its operations in Egypt in 2019 in the Gulf of Suez, where it has strengthened its investments in exploration and production in partnership with Gulf of Suez Petroleum Company GUPCO and EGPC.