The United Arab Emirates-based Dragon Oil made one of the largest oil discoveries of the past 20 years in the Gulf of Suez, international media reports said, citing the Egyptian petroleum ministry.
The ministry said the field could contain reserves of around 100 million barrels.
The announcement was made during a meeting on the sidelines of the Egypt 2022 conference in Cairo on Tuesday between the CEO of Dragon Oil, Ali al-Jarwan, and the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla.
Dragon Oil is a subsidiary of the UAE-headquartered Emirates National Oil Company Group (ENOC). In 2019, it purchased BP’s Egyptian assets.