Egypt Secures $17bn in Foreign Investment for Petroleum Sector Expansion
Egypt has secured more than $17 billion in fore...
Wednesday, 08 July 2026
The government of Dubai’s Dragon Oil has launched an artificial intelligence (AI) retreat to study the development of Egypt’s Morgan and Badri oil fields. The project aims to enhance productivity and extend the lifespan of the Morgan and Badri oil fields, while also improving operational efficiency and environmental sustainability.
Dragon Oil’s AI project is a significant step towards digital transformation and innovation in Egypt’s oil and gas industry, reflecting the company’s commitment to the sustainable development of natural resources both regionally and globally.
The AI project’s opening ceremony saw the attendance of Fareed Al Hashmi, CEO of Dragon Oil (Egypt and Iraq), along with several officials from Egypt’s ministry of petroleum and mineral resources. Also present were representatives from the Egyptian General Petroleum Corporation (EGPC), and local and international oil companies.
The AI project’s launch agenda included four days of training sessions for over 50 engineers and geoscientists from various institutions and oil companies. The training highlighted the importance of supporting Egypt’s petroleum industry, developing young talent, and equipping them with the latest AI technologies for oil field development.
Dragon Oil is one of the first global companies in the Middle East to expand the use of AI technology across various specializations. With its expansion of AI into Egypt’s oil sector, the company has taken a significant strategic step towards achieving sustainability, enhancing technological capabilities, and providing an optimal working environment for AI companies in the oil and gas industry.
Moreover, it established Dragon Oil as a major player in the country’s energy sector following supply agreements with the Egyptian General Petroleum Corporation earlier this year and its investment of $200 million in Egypt’s Al Wasl field.
