Arab Finance: UAE-based company Dragon Oil plans to invest at least $3 billion in Egypt over the coming years, CEO Abdulkarim Al Mazmi said in an interview with CNBC Arabia.
The group is in talks with the Egyptian General Petroleum Corporation (EGPC) to renew its concession agreement in the Gulf of Suez for a period of 20 to 30 years, Al Mazmi added on the sidelines of the EGYPES2026.
He also stated that the company intends to drill an exploration well in the third quarter (Q3) of 2026 and another well later.
The CEO confirmed that the current crisis has not impacted production in Egypt and Turkmenistan; however, it initially plunged in Iraq by 50% and could fall further if the US-Iran conflict escalates.
Addressing the company’s ambitious strategy for 2030, Dragon Oil is considering plans to acquire the assets of some companies operating in Egypt.
Al Mazmi affirmed that the oil company received all its dues from the Egyptian government for 2025.
