The Egyptian General Petroleum Corporation (EGPC) and Dubai’s Dragon Oil inked a deal to commercialize production from the North Safa and Alwasl fields in the Gulf of Suez.

Signed by Alaa Al-Batal CEO of EGPC and Ali Rashid Al-Jarwan CEO of Dragon oil in Cairo last week, the commercial marketing agreement will facilitate the export of additional crude oil interests from the two fields.

With production already underway from these fields, an anticipated increase averaging 10,000 barrels per day is expected, promising economic benefits for both parties and enhancing the prominence of Egyptian crude in the global market.

“The commercial marketing agreement is the result of the fruitful partnership between Dragon Oil Company and the Egyptian General Petroleum Corporation, and it is also an introduction to the upcoming investment projects that benefit both countries,” Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil Company, said.