Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi convened with a delegation representing the state-owned Emirates National Oil Company (ENOC). The delegation, led by CEO Hussain Sultan Lootah and Abdulkarim Almaazmi, CEO of ENOC subsidiary Dragon Oil, focused on enhancing UAE investment within Egypt’s dynamic oil and gas sector.
Forging a Joint Path for Future Growth
Following constructive discussions, both parties reached an agreement to establish a joint working team. This collaborative initiative will be tasked with formulating an executive program designed to facilitate the expansion of UAE investments in Egypt’s petroleum sector. Furthermore, the team will undertake a comprehensive study of available opportunities, including those related to aviation fuel supply, as well as exploration and production activities. This concerted effort aims to bolster the strategic partnership between Egypt and the UAE, paving the way for new horizons of growth and UAE investment .
Officials from ENOC and Dragon Oil expressed their commendation for the accomplishments of the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR). Specifically, they highlighted the successful settlement of all outstanding dues owed to investment partners. This crucial step was recognized as a clear demonstration of the Egyptian state’s strength and integrity, significantly contributing to enhanced investor confidence and the cultivation of an environment conducive to further investment.
A Model of Arab Economic Integration
Minister Badawi described the Egyptian-Emirati partnership within the petroleum sector as a prime example of successful Arab economic integration. He lauded the tangible successes achieved by Emirati companies operating in Egypt, with Dragon Oil being a prominent example.
Dragon Oil’s Impact in the Gulf of Suez
Badawi specifically praised Dragon Oil’s recent achievements, noting a significant advancement in the Gulf of Suez. Through its joint venture with the Egyptian General Petroleum Corporation (EGPC), operating as the Gulf of Suez Petroleum Company (GUPCO), the company has achieved a qualitative leap in the region. By integrating advanced digital technologies and artificial intelligence (AI) applications, Dragon Oil has successfully revitalized production potential, optimized output, and opened new avenues for investment.
Expanding Horizons: Red Sea Exploration
The Ministry, Badawi added, is committed to providing all necessary support to facilitate the expansion of Dragon Oil’s activities. This includes bolstering operations within its existing concession areas and venturing into promising exploratory regions, with a particular focus on the Red Sea. Such initiatives are anticipated to increase the likelihood of new discoveries, directly supporting the state’s objectives to boost production and ensure the satisfaction of local market demands.
Future Investment Commitments
In April 2026, Abdulkarim Almaazmi indicated that Dragon Oil plans to invest $3 billion in Egypt over the coming years. He further highlighted recent investments in the country, including a new well discovery at the North Safa field and another at the East Crystal well towards the end of 2025.
