Egypt part of Dragon Oil’s $500 million regional investment budget?
Egypt in line for a chunk of Dragon Oil’s USD 500 million regional investment budget? Emirates National Oil Company (ENOC) subsidiary Dragon Oil is planning to invest about USD 500 million next year in oil and gas assets as part of an international expansion strategy to boost its production to 300k bbl/d of oil by 2025, CEO Ali Rashid Al Jarwan told Reuters. The company is eyeing new opportunities in Turkmenistan, North Africa and Iraq, Al Jarwan said. “We are looking at Africa mainly, especially North Africa.” Dragon already has exploration blocks in Egypt, and ENOC Group CEO Saif Al Falasi said back in February that “Investing in Egypt’s market, the third largest in Africa, complements our business strategy to go beyond the UAE and our commitment to industry-leading performance.”