Dragon to Invest $650 Mil in Egypt Ops

Wednesday, February 19, 2020

Emirates-based Dragon Oil is set to invest $650 million in Egypt over the next five years by acquiring operating assets in the Western Desert, COO Tayeb Huwair told Hapi Journal without disclosing which units the company is interested in purchasing. The new investments would bring the company’s total capital in the country to $1.5 billion.

Dragon is targeting a 17% increase in oil production, increasing its production to around 70,000 bpd over the next three years, up from 60,000 bpd currently, according to Huwair.

Earlier this year. Dragon completed its $500 million acquisition of BP’s Gulf of Suez assets.

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