Connecting to LinkedIn...



Dragon Oil Sees Egypt as ‘Prime’ Area for Expansion, CEO Says

5/08/2014 by


Dragon Oil Plc (DGO) Chief Executive Officer Abdul Jaleel Al Khalifa sees Egypt as “one of the prime areas” for expansion after the explorer secured its first contract in the country.

“There’s a lot potential in small deals in Egypt,” Al Khalifa said in a phone interview. “There are also big acquisition targets available. It’s a country with its own challenges, but it’s considered to be a huge growth market for newcomers.”

The company, focused mostly on projects in Turkmenistan, in May signed an exploration accord for Block 19 East Zeit Bay in the Gulf of Suez with the Egyptian authorities. Dubai-based Dragon Oil, which has about $1.9 billion in cash, is looking for assets to expand outside of Central Asia, the CEO said.

Dragon today said net income gained 20 percent to $289 million in first half from a year earlier, partly on higher oil prices. The company maintained its 100,000-barrel-a-day production target for the end of 2015, having raised crude output to about 81,000 barrels a day in August.

“The company and the board are very much willing to put money in good assets and we are in the market looking for potential targets,” Al Khalifa said. “We are more active than before.”

In Iraq, the company and Kuwait Energy Corp. are drilling an exploration well in Block 9, which has reached its first target, Dragon said today.

This article has been extracted from, please click on this link to read the article in full

Montash is a multi-award winning, global IT recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Energy & Technologies, Demand IT and Business Engagement, Digital and E-commerce, Leadership Talent, Infrastructure and Service Delivery, Project and Programme Delivery.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

comments powered by Disqus

Social Stream

Latest News


Virgin Atlantic adopts Salesforce to promote ...

2016-10-26 10:00:00 +0100

Salesforce, one of the global leaders in Customer Relationship Management (CRM) tools, is used by thousands of companies around the world. Now, Virgin Atlantic Airlines has said that not only do the solutions provide an effective modern tool for business, but they can also be used to promote community culture. Speaking about the benefits that his firm has seen, Virgin Atlantic Head of Global Sales Effectiveness Spencer Collins said that the solution pro...


SAP announces partnership with STC

2016-10-25 10:00:00 +0100

One of the world’s leading providers of enterprise resource planning (ERP) solutions, SAP, has revealed that it is partnering with STC Advanced Solutions to offer both private and public sector organisations more empowerment. The two firms will be working alongside one another to provide cloud-based subscription services to firms of all sizes. This will help to deliver better information communication technology (ICT) across the Kingdom of Saudi Arabia....