Dragon Oil announces new oil discovery in Gulf of Suez in collaboration with GUPCO

DUBAI, 7th April, 2026 (WAM) — Dragon Oil, a company fully owned by Emirates National Oil Company (ENOC), in collaboration with the Gulf of Suez Petroleum Company (GUPCO) and the Egyptian General Petroleum Corporation (EGPC), has announced a new oil discovery following the successful drilling of the South El Wasl B.B2 exploration well in the Gulf of Suez, as part of the partnership efforts to enhance exploration activities and increase the production.

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 (STOOIP).

Initial testing results also indicate production rates above 2,000 barrels of oil per day.

The discovery was achieved through the application of advanced geophysical studies and three-dimensional seismic acquisition utilising Ocean Bottom Node (OBN) technology, which enabled the identification of new structural traps and high-potential exploration targets.

This achievement reflects the strength of the partnership between Dragon Oil and its partners and supports ongoing efforts to enhance production from the Gulf of Suez fields while contributing to long-term hydrocarbon development objectives.