Dubai’s Dragon Oil has made its first oil discovery in Egypt's Gulf of Suez, state-owned news agency Wam reported.
The discovery is one of the largest in the area in the past 20 years and the field could contain about 100 million barrels in reserves.
The announcement was made on the sidelines of the 2022 Egypt Petroleum Show.
Dragon Oil, a subsidiary of state-owned Emirates National Oil Company, is an upstream oil and gas exploration, development and production company.
In October 2019, it committed to investing $1 billion over five years in upstream assets in Egypt after acquiring BP’s stake in the Gulf of Suez.
Dragon Oil intends to reach production rates of 65,000-70,000 barrels per day this year, compared to an average of 60,000 bpd in 2021.
The hydrocarbons explorer operates concessions in Turkmenistan, Algeria, Egypt, Afghanistan, Tunisia and the Philippines.
Oil prices have remained buoyant in recent months and have rallied to their highest since 2014 on tighter supply, higher demand and production constraints. Geopolitical tension related to Ukraine have also supported a rally in prices.
Brent, the global benchmark for two thirds of the world's oil, was trading at $93.95 per barrel at 3.04pm on Tuesday, while West Texas Intermediate, the gauge that tracks US crude, was at $92.80 per barrel.
The International Energy Agency expects oil demand to rise by 3.2 million bpd this year to reach 100.6m bpd as global economies recover from the pandemic.
Kareem Shaheen on Canada
More on Quran memorisation:
While you're here
Gavin Esler: Coronavirus offers stinging rebuke to protectionists
Kareem Shaheen: Pandemics can save us from waging wars
Sholto Byrnes: Why the climate change clash will get nastier
While you're here
David Frum: What Biden has to fix - and preserve - from the Trump era
Kareem Shaheen: What will Iran do with Biden's America?
Sunniva Rose: All eyes in Lebanon turn towards Iran
While you're here
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
COMPANY%20PROFILE
Kareem Shaheen on Canada
While you're here
Mustafa Alrawi: To get the 'jab' done, there must be patience and empathy
Damien McElroy: Anti-science attitudes in America are proving lethal
Editorial: What makes the UAE such a good place to test vaccines?
Editorial: The fight against Covid-19 should be guided by science
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
While you're here
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Kill%20Bill%20Volume%201
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
World Cup warm-up fixtures
Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
More from Neighbourhood Watch:
COMPANY%20PROFILE
More from this story
Read more about the coronavirus
KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Rashmee Roshan Lall: Sound of silence in South Asia
Fanar Haddad: The Iranian response will be gradual
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law