The Minister of Petroleum and Mineral Resources, Tarek El Molla, has witnessed the ceremony of Dragon Oil’s acquisition to BP’s shares in Gulf of Suez Petroleum Company (GUPCO)’s concession, according to press release.

The ceremony was attended by the Emirati ambassador, Gomaa Mubarak, the CEO of the Egyptian General Petroleum Corporation (EGPC), Abed Ezz El Regal, and other leaders in the petroleum sector.

The CEO of Dragon Oil, Ali Rashid Al Jarwan, said that his company seeks to exert more efforts to boost its production and human resources, in addition to enhancing the drilling capacities and production.

He added that the company intends to increase the production form GUPCO fields in the Gulf of Suez through applying the most efficient technical practices, new technologies, and creative solutions.

El Molla said that this agreement is considered to be a success for the oil and gas industry in attracting foreign investments to Egypt, as well as a positive proof of the economic relationships and strategic partnerships between Egypt and the UAE.

He added that this acquisition will have positive effects on GUPCO and its production rate, encouraging Dragon Oil to apply the best techniques that increase the production rates from GUPCO’s fields.

In the same sequence, the Vice Chairman of Dragon Oil, Saeed Mohammed Al Tayer , said that this partnership enhances the mutual investments between Egypt and the UAE, which will be an opportunity for other cooperation, noting that his company is committed to continue to support and update GUPCO’s operations for achieving the highest levels of production.

This acquisition comes in line with Dragon Oil’s strategy to widen its investments in Egypt.