Dragon Oil achieves success in exploration drilling at East Crystal Well in Gulf of Suez
Dragon Oil's Success at East Crystal Well in Gulf of Suez
Dragon Oil has achieved a major milestone in its exploration efforts with the successful initial drilling at the "East Crystal" well in the Gulf of Suez, in partnership with GUPCO. The initial tests have shown a production rate of over 2,000 barrels per day (bpd), indicating a promising potential for increased output in the area.
Currently, advanced technologies are being used to further evaluate and enhance production capacity, with a goal of reaching over 5,000 bpd. This discovery supports the Egyptian Ministry of Petroleum's strategy to boost domestic production and maximize resource utilization. Preliminary estimates suggest the well holds a potential reserve of 8 million barrels.
Ali Rashid Al Jarwan, CEO of Dragon Oil, highlighted that these results showcase the effectiveness of modern exploration techniques in revitalizing mature fields, contributing to sustainable production and maximizing the use of available oil reserves. He stated that these discoveries reinforce Dragon Oil's commitment to long-term production sustainability, aligning with the contract duration, while focusing on achieving a high-quality recovery rate. This strengthens the company's role as a strategic partner in energy security and domestic production growth.
Doubts Revealed
Dragon Oil
Dragon Oil is a company that explores and produces oil and gas. They find places where oil is underground and bring it up to the surface.
East Crystal well
The East Crystal well is a specific location in the Gulf of Suez where Dragon Oil is drilling to extract oil. A well is like a big hole in the ground where oil is found.
Gulf of Suez
The Gulf of Suez is a body of water in Egypt. It's part of the Red Sea and is known for having oil and gas resources.
GUPCO
GUPCO stands for Gulf of Suez Petroleum Company. It's a company that works with Dragon Oil to find and produce oil in the Gulf of Suez.
barrels per day (bpd)
Barrels per day (bpd) is a way to measure how much oil is produced. One barrel is a big container that holds about 159 liters of oil.
CEO Ali Rashid Al Jarwan
Ali Rashid Al Jarwan is the Chief Executive Officer (CEO) of Dragon Oil. A CEO is the person in charge of running a company.
modern techniques
Modern techniques are new and advanced methods used to do something better. In this case, they are used to extract oil more efficiently and safely.
energy security
Energy security means having a reliable and steady supply of energy, like oil, so that a country can meet its energy needs without problems.
Your email address will not be published. Required fields are marked *