Dragon Oil wins oil and gas block offshore Egypt

offshore egypt-Icethorn Wikimedia CommonsThe deal would be final after the approval by the government authorities. (Image source: Icethorn/Wikimedia Commons)UK-listed Dragon Oil has announced that the Egyptian government has awarded it an oil and gas block offshore the North African country

Block 19 East Zeit Bay, in which Dragon Oil will have a 100 per cent interest, is located offshore in southern Gulf of Suez region.

The company plans to perform a seismic study of the block, which covers 93 sq km in water depths ranging from 10 to 40 metres, and drill two exploratory wells, sources said.

Dragon Oil had participated in the Ganope International 2012 Bid Round #1 recently, which included 20 exploration blocks in the Western Desert, Eastern Desert, Red Sea and the Gulf of Suez.

Dr Abdul Jaleel Al Khalifa, CEO of Dragon Oil, said, “The block’s location in shallow waters fits well with our expertise and represents a strategic move for Dragon Oil in the country rich in hydrocarbon resources and opportunities.

“We look forward to working closely with the government to apply our experience and technical knowledge in Egypt.”

Khalifa added that the deal would be final after the approval by the government authorities.

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