Dragon Oil Company’s acquisition of BP’s assets in the Gulf of Suez Petroleum Company (GUPCO) is set to add around 70,000 barrel per day (b/d) production to the company’s portfolio, Ali Al Jarwan, Dragon Oil CEO, said in an interview with Oil & Gas Middle East.

The $600-million transaction is part of Dragon Oil’s $13 billion expansion plans, of which $500 million are allocated for acquisition transactions in 2019.

The newly acquired asset in Egypt is seen to have potential production of 100,000 b/d, according to Al Jarwan, who did not disclose any further details on the transaction.

BP earlier submitted a request for the Ministry of Petroleum in May to receive its approval to sell the company’s stake in GUPCO to Dragon Oil Company.