Dragon Oil, a subsidiary of Emirates National Oil Company, has struck oil in Egypt in a discovery announced on Tuesday.

Located in the Gulf of Suarez, the field is estimated to contain up to 100 million barrels and represents the company’s first discovery in Egypt, as well as one of the largest discoveries in the region in two decades.

“We are glad to announce our first oil discoveries in Egypt, and we aspire to more success during the coming period. We will continue to work for more discoveries sustainably in the promising Egyptian market to create long-term value for the benefit of all,” stated Saeed Mohammed Al Tayer, Chairman of Dragon Oil.

Dragon Oil entered the Egyptian market in 2019 after acquiring bp’s oil concessions in the Gulf of Suez, including its interest in the Gulf of Suez Petroleum Company. In 2021, the Dubai-based firm achieved an average production of 60,000 barrels per day (bpd) from its assets. Now, the company is seeking to increase production to 65,000-70,000 bpd and continue expanding within the region through intensified exploration and development activities.