Dragon Oil has entered into a strategic partnership with the Egyptian Petroleum Authority to enhance production levels through the application of the latest technologies and best sustainable practices. This agreement was signed during the “GOTEC 2025” conference, with the presence of His Excellency Saeed Mohammed Al Tayer, Chairman of Dragon Oil, and His Excellency Karim Badawi, Minister of Petroleum and Mineral Resources of Egypt.

The memorandum of understanding aims to integrate existing concession agreements in the Gulf of Suez into a unified operational framework. This collaboration is expected to attract significant new investments, renew vital infrastructure, and elevate production levels by leveraging over five decades of expertise from Gulf of Suez Petroleum Company (GUPCO).

The agreement, signed by Salah Abdel Karim, Head of the Egyptian Petroleum Authority, and Ali Al Jarwan, CEO of Dragon Oil, marks a pivotal step towards consolidating concession areas in the Gulf of Suez. It opens new investment horizons to enhance production, prolong asset lifespan, and maximize resource utilization.

His Excellency Saeed Mohammed Al Tayer stated that the strategic partnership aligns with the vision of the UAE leadership, emphasizing the commitment to supporting quality investment projects. He expressed that this collaboration will play a crucial role in shaping the future of energy through increased investment, acquisitions, and exploration of new fields. Al Tayer highlighted that this agreement reflects a firm commitment to innovation and sustainability by adopting advanced technologies like artificial intelligence and digital solutions.

Ali Al Jarwan added that Dragon Oil is proud to cement its strategic cooperation with the Egyptian Petroleum Authority, which mirrors their shared vision for optimal resource utilization and investment in Egypt’s energy future. He emphasized the commitment to quickly conclude negotiations and elevate this partnership to new heights.

The agreement entails substantial investments to safeguard vital infrastructure and extend its lifespan, ensuring the long-term sustainability of strategic assets. The comprehensive work program seeks to enhance production levels and operational efficiency using state-of-the-art technologies and best practices. By integrating concession areas, the partnership aims to improve resource utilization and uncover untapped potential in the merged regions, benefiting all stakeholders.

This ambitious initiative builds on the rich legacy of Gulf of Suez Petroleum Company (GUPCO), which has shaped the Egyptian energy landscape over the past five decades. Both Dragon Oil and the Egyptian Petroleum Authority look forward to a future driven by strategic collaborations and investments to propel the Gulf of Suez into a new era of productivity and prosperity.