Arab Finance: The UAE-based Dragon Oil Company has successfully concluded the drilling works of the East Crystal-1 exploratory well in the Gulf of Suez, Egypt's Ministry of Petroleum and Mineral Resources announced in a statement.

The initial results showed a daily production of more than 2,000 barrels of crude oil.

The Gulf of Suez Petroleum Company (GUPCO) will complete the development operations of the discovery by drilling two additional wells, adding more than 5,000 barrels of crude oil per day (boe/d).

This discovery aligns with the ministry’s strategy to increase local production of oil and gas, in addition to reducing the import bill.

Located in an integrated concession area in the Gulf of Suez, the oil well’s stock before drilling reached about 8 million barrels, with expectations of exceeding this amount.

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