Oil reserve discovered in Egypt's Gulf of Suez

Dubai-based Dragon Oil has discovered an oil reserve in the Gulf of Suez, Egyptian Ministry of Petroleum and Mineral Resources said.

"The estimated reserve of the oil field, located in the northeastern Ramadan area, could be around 100 million barrels," the ministry said in a statement on Tuesday, Xinhua news agency reported.

It is one of the largest oil reserves found in the area in the past 20 years, it added.

Dragon Oil was founded in 1971 in Ireland. The Emirates National Oil Company, a wholly owned company of the Government of Dubai, bought a controlling share in Dragon Oil in 1999 when its headquarters were relocated to Dubai.