Dragon Oil, GUPCO make oil discovery in Gulf of Suez

Dragon Oil, in partnership with the Gulf of Suez Petroleum Company (GUPCO) and the Egyptian General Petroleum Corporation (EGPC), announced an oil discovery following the drilling of the South El Wasl B.B2 exploration well in the Gulf of Suez.

Wireline logging data confirmed the presence of an oil-bearing reservoir within the Lower Rudeis formation. The discovery is estimated to add approximately 8 million barrels of original oil in place. Initial well testing indicated production rates above 2,000 bbl/d.

The discovery was achieved through 3D seismic acquisition using ocean bottom node technology, which enabled the identification of new structural traps and high-potential exploration targets.