UK’s BP is close to selling its stake in an Egyptian oil and gas firm to Dragon Oil for over $600 million, industry and banking sources stated, according Reuters.

The transaction is set to take place in the coming weeks and would be the end of BP’s 50 years journey in the Gulf of Suez Petroleum Company (GUPCO).

Dragon Oil, which is a subsidiary of Dubai’s Emirates National Oil Company (ENOC), revealed that it plans to expand its operations internationally and to increase its output to 300,000 barrels of oil equivalent per day (boe/d) by 2025.

The Egyptian Ministry of Petroleum and the Egyptian General Petroleum Corporation (EGPC) had no comment on the transaction, while BP spokesman declined to comment and ENOC could not be reached for comment.