Dubai-based Dragon Oil, a subsidiary of Emirates national oil company (ENOC), said yesterday October 21, it is investing the equivalent of a billion-dollar in the Egyptian Gulf of Suez over the next five years.

The announcement comes right after the company completed the acquisition of BP’s stake in the Gulf. The $1 bln investment will mainly go to the drilling of new pits to optimize production and keep it high for 10 years, the company said. By 2021, Dragon Oil aims to reach 75,000 barrels per day, from 60,000 barrels, with one of its biggest deals in Africa. This move is expected to boost the company’s Africa expansion plan.

Olivier de Souza