Energy firm Dragon Oil started production of crude oil from state-owned oil discovery Al Wasl field (also known as North Safa), in the Arab Republic of Egypt, on Tuesday.
The firm said it is set to drill seven new wells over the next two years as per the agreed plan with Egyptian authorities to achieve a crude oil production of 15,000 barrels per day from Al Wasl field.
North Safa was discovered by the firm in Gulf of Suez region in 2021, with an oil reserve of over 95 million barrels at the very least, which led to the early production of the project with a total investment of $200 million, said subsidiary of the Dubai state-owned Emirates National Oil Company Group (ENOC).
The newly initiated project will include establishing a new offshore production platform along with extending the production line and electricity line to operate oil production pumps, said the oil and gas company.
Dubai-based firm said it intends to complete the work of Al Wasl field by connecting the second well south of Belayim 293-6 with the production line by the middle of this month and raising the production capacity to 3,000 barrels of crude oil per day, thus increasing the platform’s production to 6,000 barrels of crude oil per day.
Dragon Oil said it aims to expand the scope of petroleum discoveries in Egypt over long-term periods as well as to use the latest eco-friendly production technologies during implementation processes to reduce carbon emissions.
Dragon Oil is an international oil and gas company operating in the Middle East, North Africa and Caspian regions. The firm is a privately held and wholly owned subsidiary of ENOC.
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