UK-based Dana Petroleum said it has bought Devon Energy’s entire Egyptian upstream portfolion in a $375 million deal.
The deal, which covers eight companies and eight production sharing contracts, was completed today.
As well as buying oil and gas exploration and production assets, Dana will also gain about $67 million of working capital in Devon Egypt.
“The new portfolio contains a good balance of producing oil fields with numerous attractive drilling opportunities, both on existing fields and within large exploration concessions,” Dana chief executive Tom Cross said.
“Dana now holds assets positioned across the major petroleum provinces in Egypt, namely the Nile Delta, Gulf of Suez and Western Desert,” he added.