Dragon Oil signs strategic partnership with Egyptian General Petroleum Corporation to boost production using the latest technologies and the best sustainable practices

Dragon Oil Egypt Holdings (DOHL) has signed a Memorandum of Understanding (MoU) with the Egyptian General Petroleum Corporation (EGPC) to consolidate existing concession agreements in the Gulf of Suez under a unified framework. The agreement was signed in the presence of HE Saeed Mohammed Al Tayer, Chairman of Dragon Oil, and HE Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources.

The initiative, which was concluded at the Gas and Oil Technology Showcase & Conference (GoTech 2025), is expected to attract significant investment, renew vital infrastructure and increase production through the application of the latest technologies and industry best practice, building on the five-decade legacy of the Gulf of Suez Petroleum Company (GUPCO), a joint venture between Dragon Oil and EGPC.

Signed by Salah Abdel Kareem, Chairman of EGPC, and Ali Al Jarwan, CEO of Dragon Oil, the agreement underscores Dragon Oil's commitment to digital transformation, regional energy development and operational excellence. It marks a pivotal move towards consolidating concession areas in the Gulf of Suez, thereby opening new investment opportunities, enhancing production, extending asset life and maximising resource use.

Al Tayer said: “In line with the vision of the wise leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to support quality investment projects, concluding the strategic partnership with the Egyptian General Petroleum Corporation marks a transformative moment for Dragon Oil. This partnership will help shape the future of energy through increasing investments, acquisitions, new concession areas and fields exploration. This reflects our commitment to innovation, sustainability and global leadership. By embracing advanced technologies such as artificial intelligence, digital solutions and enhanced oil recovery, we are setting new standards for operational efficiency, data-driven decision-making and environmental stewardship across our global operations.”

Ali Al Jarwan commented: “Dragon Oil is proud to deepen our strategic collaboration with EGPC. This agreement reflects our shared vision to optimize resources, leverage advanced technologies, and invest in Egypt’s energy future. We are committed to concluding negotiations swiftly and advancing this partnership to new heights.”

At the core of the agreement is a commitment to invest substantially in preserving and extending the lifespan of critical infrastructure, ensuring the long-term sustainability of strategic assets. This will be accompanied by a comprehensive work programme aimed at boosting production and streamlining operations using modern technologies and best practices.

This ambitious initiative builds on the enduring legacy of the Gulf of Suez Petroleum Company (GUPCO), the operational arm under the Merger of Concession Agreements (MCA), which has been instrumental in shaping Egypt’s energy landscape for over five decades. Together, Dragon Oil and EGPC envision a future where collaboration and strategic investment propel the Gulf of Suez into a new era of productivity, resilience and prosperity.