{"id":598784,"date":"2019-06-09T04:00:58","date_gmt":"2019-06-09T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/dragon-oil-agrees-to-acquire-bps-gupco-assets\/"},"modified":"2019-06-09T04:00:58","modified_gmt":"2019-06-09T04:00:58","slug":"dragon-oil-agrees-to-acquire-bps-gupco-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/dragon-oil-agrees-to-acquire-bps-gupco-assets\/","title":{"rendered":"Dragon Oil agrees to acquire BP\u2019s GUPCO assets"},"content":{"rendered":"

<\/a> M&A WATCH- Dragon Oil agrees to acquire BP\u2019s Gulf of Suez assets:<\/b> 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<\/a>. Under the terms of the agreement, which is subject to approval from the Oil Ministry, Dragon Oil would purchase producing and exploration concessions, including BP\u2019s interest in the Gulf of Suez Petroleum Company (GUPCO). The sale is expected to be concluded in 2H2019. The value of the transaction hasn\u2019t been disclosed, but Reuterssuggested last month<\/a> that it was in the USD 600 mn neighborhood.<\/p>\n

BP to invest USD 3 bn in Egypt over the next two years, Dudley says: <\/b>\u201cEgypt is a core growth and investment region for BP,\u201d BP CEO Bob Dudley said. \u201cIn the past four years we have invested around USD 12 bn in Egypt \u2014 more than anywhere else in our portfolio \u2014 and we plan another USD 3 bn investment over the next two years.\u201d<\/p>\n

Background: <\/b>The plan to exit GUPCO \u2014 a JV between BP and the EGPC \u2014 is part of BP\u2019s strategy to clear off more than USD 10 bn in global assets over two years. The company will in turn focus its work in Egypt on natural gas. In February, it began natgas production from its Giza and Fayoum fields, part of the second phase of the three-stage West Nile Delta concession development project. The final phase of the project is expected to kick into gear later this year when the Raven field goes online.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. Under the terms of the agreement, which is subject to approval from the […]<\/p>\n","protected":false},"author":1,"featured_media":598785,"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":[196,925,93,72,4608,10811,91,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bp","tag-dragon-oil","tag-energy","tag-enterpriseam","tag-gulf-of-suez-petroleum-company","tag-mas","tag-oil-and-gas","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5de74c97-62fc-49da-8613-67e562a613bd","is_powered_by":true,"section_story_id":"d2063c32-4183-4dd5-98dc-e95d8946b95f","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/2424.jpg","photo_position":"above","related_issue":[598777],"teaser":"","voice_url":""},"yoast_head":"\nDragon Oil agrees to acquire BP\u2019s GUPCO assets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/dragon-oil-agrees-to-acquire-bps-gupco-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dragon Oil agrees to acquire BP\u2019s GUPCO assets\" \/>\n<meta property=\"og:description\" content=\"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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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":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":598784,"position":2},"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":603266,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/17\/is-enocs-dragon-oil-about-to-acquire-bps-assets-in-egypt\/","url_meta":{"origin":598784,"position":3},"title":"Is ENOC\u2019s Dragon Oil about to acquire BP\u2019s assets in Egypt?","author":"enterpriseam admin","date":"17 April 2019","format":false,"excerpt":"M&A WATCH- Is ENOC\u2019s Dragon Oil about to acquire select BP assets in Egypt? Emirates National Oil Company (ENOC) subsidiary Dragon Oil is set to acquire unspecified assets in Egypt within the next three to four months, Dragon Oil CEO Ali Al Jarwan told Oil & Gas Middle East. According\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":569240,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/dragon-oil-to-invest-usd-650-mn-in-egypt-over-five-years\/","url_meta":{"origin":598784,"position":4},"title":"Dragon Oil to invest USD 650 mn in Egypt over five years","author":"enterpriseam admin","date":"18 February 2020","format":false,"excerpt":"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\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\/2020\/2\/237.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596452,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/gupco-to-increase-investments-in-ras-shuqair\/","url_meta":{"origin":598784,"position":5},"title":"Gupco to increase investments in Ras Shuqair","author":"enterpriseam admin","date":"28 August 2019","format":false,"excerpt":"The Gulf of Suez Petroleum Company (Gupco) is planning to invest USD 1.2 bn over the next two years on exploration and development, according to the local press. 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