Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has held high-level talks with a delegation from the Emirates National Oil Company (ENOC), led by its Chief Executive Officer Hussain Sultan Lootah, and Abdulkarim Al-Maazmi, CEO of Dragon Oil — a wholly owned ENOC subsidiary — to chart a course for deepening Emirati investment across Egypt’s oil and gas sector.
The discussions covered opportunities in aviation fuel supply, as well as expanded activity in oil and natural gas exploration, development and production. Both sides agreed to establish a joint working team tasked with developing an executive programme for scaling up UAE investments in Egypt’s petroleum sector and evaluating specific opportunities on offer.
ENOC and Dragon Oil officials lauded the Egyptian Ministry of Petroleum’s decision to fully settle outstanding dues owed to investment partners, describing the move as a powerful demonstration of Egypt’s credibility and commitment to creating a stable, investor-friendly environment.
Badawi praised Dragon Oil’s recent achievements in the Gulf of Suez, where its joint venture with the Egyptian General Petroleum Corporation (EGPC) — the Gulf of Suez Petroleum Company (GUPCO) — has achieved notable production gains through the deployment of advanced digital technologies and artificial intelligence applications. “The Egyptian-UAE partnership in the petroleum sector represents a distinguished model of Arab economic integration,” he stated.
Badawi also expressed keenness to support Dragon Oil’s expansion into promising exploratory regions, particularly the Red Sea, where new discoveries could strengthen Egypt’s position as a regional energy hub. Dragon Oil has indicated plans to invest approximately $3 billion in Egypt over the coming years, with recent milestones including new well discoveries at the North Safa and East Crystal fields in late 2025.
Source: en.amwalalghad.com | egyptoil-gas.com