Egypt on Wednesday confirmed the discovery of oil reserves of at least 8 million barrels in the East Crystal-1 well in the Gulf of Suez, the petroleum ministry said.

The exploratory well was drilled by UAE’s Dragon Oil via the Gulf of Suez Petroleum Company (GUPCO).

GUPCO plans to drill two more wells, potentially adding 5,000 barrels per day, the ministry added.

Dragon Oil completed its acquisition of BP’s stake in GUPCO’s concession areas in 2020.

Dragon Oil is a wholly owned subsidiary of the Emirates National Oil Company (ENOC).
Source: Reuters (Reporting by Jana Choukeir; editing by Jason Neely)