The business in January 2024 announced the production of its first oil find in Egypt, the Al Wasl field (North Safa), which began at a rate of 3,000 barrels of crude oil per day.

With an oil reserve surpassing 95 million barrels, the field was discovered in 2021 and ranks among the largest oil discoveries made in the Gulf of Suez over the previous 20 years.

To increase crude output and better penetrate the Egyptian market, the business announced that it will step up its oil exploration and expansion efforts in the Gulf of Suez by developing fields and repairing wells.

The statement stated, “Dragon Oil intends to permanently increase the scope of petroleum discoveries in Egypt over long-term periods, especially since the Egyptian market is currently considered one of the most economically attractive markets in the Middle East.”

Al Wasl Field

Dragon Oil said it will spend USD 200 million to develop the Al Wasl oil field. By 2026, the company hopes to have drilled more wells and more than doubled the daily production.

Establishing a new offshore production platform, extending an electrical and production line to run oil production pumps, and implementing a water injection project to sustain high production rates are all part of the project.

By linking the second well south of Belayim 293-6 with the production line this month, the business hopes to finish the Al Wasl field’s development work “as soon as possible” and increase the platform’s daily production capacity to 6,000 barrels of crude oil.

The company announcement stated further, “Dragon Oil will drill seven more wells throughout the following two years, aiming to attain 15,000 barrels per day of crude oil production from the Al Wasl field, according to the plan agreed upon with the Egyptian authorities.”

“The massive Al Wasl project embodies our readiness to finish the path of growth and expansion in the Egyptian market during the current year by building fields and repairing wells to increase the production of Gulf of Suez oil fields and by intensifying exploration and expansion in several regions,” the market note concluded.

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