Dragon Oil will reportedly buy BP's $600mn stake in Egypt company
This deal is part of Dragon Oil's ambitious $13bn expansion plan
Reuters reported that BP is close to selling its stake in Gulf of Suez Petroleum Company (GUPCO) to Dragon Oil for $600mn. It cited industry and banking sources.
Dragon Oil has a $13bn expansion plan, with $500mn originally earmarked for acquisitions in 2019. In an exclusive interview with Oil & Gas Middle East, Dragon Oil CEO Ali Al Jarwan said that the company was finaising an acquisition which would add 70,000 barrels per day (bpd) of production to the company. Al Jarwan said that it has potential to produce up to 100,000bpd.
Ali Al Jarwan, a long-time member of our Power 50 list for his various roles at ADNOC, was ranked this year for his work as CEO of Dragon Oil.