World News | Dragon Oil Achieves Success in Exploration Drilling at East Crystal Well in Gulf of Suez
Get latest articles and stories on World at LatestLY. Dragon Oil has announced a significant achievement in its exploration drilling operations with the successful completion of initial drilling at the "East Crystal" well in the Gulf of Suez, in collaboration with GUPCO.
Cairo [Egypt], February 1 (ANI/WAM): Dragon Oil has announced a significant achievement in its exploration drilling operations with the successful completion of initial drilling at the "East Crystal" well in the Gulf of Suez, in collaboration with GUPCO. Initial tests have shown a production rate exceeding 2,000 barrels per day (bpd), highlighting promising potential for increased output in the region.
Currently, further evaluation is underway using cutting-edge technologies to enhance production capacity, aiming to reach over 5,000 bpd. This discovery aligns with the Egyptian Ministry of Petroleum's strategy to boost domestic production and maximise resource utilisation. Preliminary estimates suggest that the well holds a potential reserve of 8 million barrels.
Commenting on this achievement, Ali Rashid Al Jarwan, CEO of Dragon Oil, emphasised that these results demonstrate the effectiveness of modern exploration techniques in revitalising mature fields, contributing to sustainable production and maximising the utilisation of available oil reserves.
He further stated that these discoveries reinforce Dragon Oil's commitment to ensuring long-term production sustainability, in line with the contract duration, while focusing on achieving a high-quality recovery rate. This, in turn, strengthens the company's role as a strategic partner in energy security and domestic production growth. (ANI/WAM)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)