Dubai-headquartered Dragon Oil has made a significant oil discovery in the Gulf of Suez, offshore Egypt, its first find in the region.

The company announced the new discovery on Tuesday, terming it as one of the largest discoveries in the region in the past two decades.

“The estimated reserves of the new discovery are about 100 million barrels, and it is one of the largest oil discoveries in the Gulf of Suez in 20 years,” it said.

Dragon, a subsidiary of state-controlled Emirates National Oil Company (ENOC), said the new oilfield is the first discovery by the company since “it became an active player in the petroleum sector in Egypt after it acquired 100% of the British BP's assets in all the oil production and discovery concessions in the Gulf of Suez.”

However, the UAE player did not reveal exploration or well details, involving the new Gulf of Suez discovery.