New Oil Reserves Discovered in Egypt

The Dragon Oil company, owned by the United Arab Emirates, has discovered new oil reserves of approximately 100 million barrels in Egypt's Suez Gulf, according to the Egyptian Ministry of Petroleum.

"The discovery of approximately 100 million barrels by Dragon Oil suggests the possibility of new additional reserves," the statement said. It is noted that this is the largest oil discovery in the Suez Gulf in the last 20 years.