{"id":569240,"date":"2020-02-18T04:33:21","date_gmt":"2020-02-18T04:33:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/dragon-oil-to-invest-usd-650-mn-in-egypt-over-five-years\/"},"modified":"2020-02-18T04:33:21","modified_gmt":"2020-02-18T04:33:21","slug":"dragon-oil-to-invest-usd-650-mn-in-egypt-over-five-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/dragon-oil-to-invest-usd-650-mn-in-egypt-over-five-years\/","title":{"rendered":"Dragon Oil to invest USD 650 mn in Egypt over five years"},"content":{"rendered":"

<\/a> INVESTMENT WATCH- Dragon Oil to invest USD 650 mn in Egypt over the next <\/strong>five years:<\/strong> UAE-based oil and gas company Dragon Oil plans to invest an additional USD 650 mn in Egypt over the next five years by acquiring operating assets in the Western Desert, COO Tayeb Huwair told Hapi Journal<\/a> without disclosing which units the company is interested in purchasing. The new investments would bring the company\u2019s total capital in the country to USD 1.5 bn.<\/p>\n

Company targets 17% increase in oil production:<\/strong> The company plans to increase its production to around 70k bbl\/d over the next three years, up from 60k bbl\/d currently, Huwair said.<\/p>\n

The investment plan comes just over a month after the company <\/strong>wrapped up its USD 500 mn acquisition<\/a><\/strong> of BP\u2019s Gulf of Suez assets<\/strong>. BP and Dragon Oil reached an agreement over the acquisition last summer<\/a>, making the latter the state-owned Egyptian General Petroleum Corporation\u2019s (EGPC) partner contractor in the Gulf of Suez Petroleum Company, a JV that was set up by BP and EGPC to undertake exploration and production operations in the area. Dragon Oil is wholly owned by Emirates National Oil Company.<\/p>\n

\u00a0<\/p>\n

CORRECTED- 18 February 2019<\/em><\/p>\n

Dragon Oil plans to invest over the next five years by acquiring assets in the Western Desert and not the Western Sahara.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

INVESTMENT WATCH- Dragon Oil to invest USD 650 mn in Egypt over the next five years: UAE-based oil and gas company Dragon Oil plans to invest an additional USD 650 mn in Egypt over the next five years by acquiring operating assets in the Western Desert, COO Tayeb Huwair told Hapi Journal without disclosing which […]<\/p>\n","protected":false},"author":1,"featured_media":569241,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[925,557,72,923,4608,2380,4609],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-dragon-oil","tag-egyptian-general-petroleum-corporation","tag-enterpriseam","tag-gulf-of-suez","tag-gulf-of-suez-petroleum-company","tag-speed-round","tag-tayeb-huwair","wpautop","entry"],"acf":{"mongo_id":"6d6ec9d8-ac46-4f18-ba0e-f34450f59928","is_powered_by":true,"section_story_id":"e4a098de-32b7-4881-94da-f3af426608b7","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/237.jpg","photo_position":"above","related_issue":[569232],"teaser":"","voice_url":""},"yoast_head":"\nDragon Oil to invest USD 650 mn in Egypt over five years - 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A conflicting report by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598784,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/dragon-oil-agrees-to-acquire-bps-gupco-assets\/","url_meta":{"origin":569240,"position":2},"title":"Dragon Oil agrees to acquire BP\u2019s GUPCO assets","author":"enterpriseam admin","date":"9 June 2019","format":false,"excerpt":"M&A WATCH- Dragon Oil agrees to acquire BP\u2019s Gulf of Suez assets: BP reached an agreement to divest its interests in Gulf of Suez oil concessions in Egypt to Emirates National Oil Company\u2019s (ENOC) subsidiary Dragon Oil, BP said in a statement. 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Gupco was initially\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598429,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/bp-close-to-selling-gupco-stake-to-dragon-oil-for-usd-600-mn\/","url_meta":{"origin":569240,"position":4},"title":"BP close to selling GUPCO stake to Dragon Oil for USD 600 mn","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"M&A WATCH- BP is close to selling its stake in Gulf of Suez Petroleum Company (GUPCO) to Dubai-based Emirates National Oil Company (ENOC) subsidiary Dragon Oil for USD 600 mn, industry and banking sources said, according to Reuters. The move received initial approval from the Oil Ministry. The sources gave\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626833,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/12\/oil-ministry-signs-three-new-oil-and-gas-exploration-agreements-in-gulf-of-suez-and-north-sinai\/","url_meta":{"origin":569240,"position":5},"title":"Oil Ministry signs three new oil and gas exploration agreements in Gulf of Suez and North Sinai","author":"enterpriseam admin","date":"12 July 2018","format":false,"excerpt":"Oil Ministry inks three new agreements for oil and gas exploration in North Sinai and the Gulf of Suez. The first agreement, between GHP Exploration Corp. and the South Valley Petroleum Holding Company, will see the company drill four new wells at a cost of about USD 6 mn at\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569240"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569240\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569241"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569240"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569240"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}