Dragon Oil plans to hike production from Egypt's Al Wasl field

Al Jarwan also revealed plans to take over new areas in Egypt and Iraq, with $1 trillion in investment earmarked for foreign acquisitions

Staff Writer, Arab Finance

October 2, 2024

PHOTO

The Emirati energy company Dragon Oil is planning to reach an agreement with the Egyptian government to increase production from Al Wasl field, CEO Ali Al Jarwan told CNBC Arabia.

Al Jarwan also revealed plans to take over new areas in Egypt and Iraq, with $1 trillion in investment earmarked for foreign acquisitions.

He added that Dragon Oil's outstanding dues to the Egyptian government amount to $200 million.

With a budget of $1.5 billion, the company is constantly growing as it produces nearly 210,000 barrels a day, the CEO noted.

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