Dragon Oil, the fully owned exploration and production (E&P) platform of Emirates National Oil Company (ENOC), announced that it has acquired the stake of BP at the Gulf of Suez Oil Company (GUPCO) after obtaining ...
Dragon Oil has reached a full agreement with BP for the acquisition and the deal is expected to be completed after obtaining the Egyptian Ministry of Petroleum’s approval in H2 2019 following the necessary procedu ...
The $600 million transaction is a part of Dragon Oil's $13 billion expansion plans, of which $500 million are allocated for acquisition transactions in 2019.
The Ministry of Petroleum will issue the approvals after Dragon Oil confirms its commitment to the new terms of agreement with BP in GUPCO's concessions.
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).
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 upstream investment arm of Dubai state-owned ENOC, Dragon Oil, plans to invest $500 million in oil and gas assets next year, chief executive Ali Rashid al-Jarwan said.
