The Minister of the Petroleum and Mineral Resources, Tarek El Molla has witnessed the acquisition agreement ceremony of Dragon Company to the share of BP Company in a GUPCO concession costing $ 500 billion.
The newly acquired asset will add around 70,000 barrels per day (b/d) to the company’s production as it has the potential to produce 100,000 b/d.
The $650-million transaction was originally signed last September and completed in late March 2019.
The company agreed with Merlon on the acquisition in exchange of around $136 million in cash, as well as issuing 65,561,041 new ordinary shares of SOCO to Merlon International.
The company further revealed that it has appointed Erik Vollebregt as Executive Chairman of Scimitar Production Egypt. Previously, Vollebregt had served as the Commercial and Finance Director of Shell Nigeria.
The African-focused resources and trading company decided to seek acquiring other marginal oil and gas field across the continent.
China's ZhenHua Oil Company, through its subsidiary North Petroleum International Company, acquires 4% stakes at the onshore concession in the Rub’ al Khali Basi, which is owned by Abu Dhabi National Oil Company's ...
SDX Energy Corporation announced the termination of the transaction that was aiming to acquire a part of BP's assets in Egypt.
Sidi Kerir Petrochemicals Company (Sidpec) held a board meeting to discuss acquiring one of the Egyptian chemicals' companies.
SOCO International has agreed to buy Merlon Petroleum El Fayum Company for around $215 million.
