Sunday 22 Dec
Ministry of Petroleum and Mineral Resources and Dragon Oil, a leading UAE-based oil and gas company, have signed a Memorandum of Understanding (MoU) to collaborate on using advanced artificial intelligence (AI) to optimize petroleum reservoir management in the Gulf of Suez.
The agreement was signed by Minister of Petroleum Karim Badawy, and Engineer Ali Rashid Al Jarwan, CEO of Dragon Oil Company, in the presence of Engineer Moataz Atef, Deputy Minister for the Technical Office and Official Spokesman for the Ministry of Petroleum, and Engineer Farid Al-Hashemi, CEO of Dragon Oil's operations in Egypt and Iraq, on the sidelines of the ADIPEC 2024 conference in Abu Dhabi.
The partnership aims to leverage
AI to enhance data analysis, streamline field operations, and improve the
efficiency of reservoir management strategies. By applying cutting-edge
technologies, the two parties seek to boost oil and gas production in the
region.
Minister Badawy emphasized the
importance of digital transformation and AI in the oil and gas sector,
highlighting that this collaboration is a significant step towards realizing
the ministry's production enhancement goals.
Dragon Oil expressed its commitment to expanding its operations in Egypt, particularly in the Gulf of Suez, and its interest in securing new exploration blocks in the area.
