Egypt, UAE Form Joint Group to Expand Petroleum Investment, Targeting 2 Key Growth Areas
Updated
Updated · Daily News Egypt · Jun 16
Egypt, UAE Form Joint Group to Expand Petroleum Investment, Targeting 2 Key Growth Areas
3 articles · Updated · Daily News Egypt · Jun 16
Summary
Egypt and the UAE agreed to set up a joint working group to turn planned Emirati petroleum investment expansion into an implementation program focused on aviation fuel supply and exploration.
Karim Badawi and executives from ENOC and Dragon Oil used the talks to map opportunities across fuel supply, oil and gas exploration, and production, with Egypt offering support for wider activity in existing concessions and Red Sea prospects.
ENOC and Dragon Oil said Egypt’s settlement of all outstanding dues to investment partners had strengthened state credibility and improved the climate for new capital.
Dragon Oil’s work through GUPCO with EGPC in the Gulf of Suez has already lifted output using digital technologies and AI, a model Egypt wants to extend as it seeks new discoveries and higher domestic supply.