Dragon Oil Boosts Egypt's Oil Production with $500M Investment
Dragon Oil, a Dubai-based gas and oil company, has been active in Egypt's energy sector. Despite no confirmed reports of AI implementation in Egyptian oilfields, the company aims to support Egypt's energy sector and ensure production sustainability.
Dragon Oil's commitment to Egypt is evident in its investments. Over the past five years, the company has invested over $500 million. This has resulted in successful drilling of 13 wells and rapid intervention operations on 350 wells to maintain production levels. Currently, Dragon Oil produces 60,000 barrels per day.
Ahmed Buti Al Muhairbi, a Dragon Oil board member, and Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, have both expressed their dedication to expanding investments and enhancing partnerships. Dragon Oil's agreement with the Egyptian Ministry of Petroleum focused on research and development in the 'Al Wasl' field, adding 8,000 barrels per day to production.
Dragon Oil's plans include further increasing production in the Gulf of Suez region. Despite no official confirmation of AI implementation in Egypt, Dragon Oil's CEO, Ali Rashid Al Jarwan, has highlighted the importance of Artificial Intelligence in enhancing operational efficiency. The company's role in boosting Egypt's oil and gas production is undeniable, and its future plans suggest a continued commitment to the country's energy sector.
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