DUBAI, UAE – Dragon Oil has been awarded provisionally a shallow-water block in the Gulf of Suez offshore southern Egypt.
Ganoub El Wadi Holding Petroleum C. (Ganope), a division of the Petroleum Ministry responsible for all exploration and production activities in this area, should ratify the award for block 19 East Zeit Bay following approval by the competent government authorities.
Dragon participated in the Ganope International 2012 Bid Round #1, which included 20 exploration blocks in the Red Sea, Gulf of Suez, Western Desert, and Eastern Desert.
The company will have a 100% interest in block 19 which covers an area of 93 sq km (36 sq mi) and is in water depths ranging from 10-40 m (33-131 ft).
Dragon plans seismic acquisition and other analysis over an area of roughly 100 sq km (39 sq mi) and will drill two wells during the initial exploration period.
Nearby producing oil fields include East Zeit, Hilal, Ashrafi, SW Ashrafi, and Zeit Bay.