{"id":631377,"date":"2018-03-18T04:25:49","date_gmt":"2018-03-18T04:25:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/"},"modified":"2018-03-18T04:25:49","modified_gmt":"2018-03-18T04:25:49","slug":"bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/","title":{"rendered":"BP looking to sell off maturing Egypt assets and focus on gas"},"content":{"rendered":"

<\/a> BP looking to sell off maturing Egypt assets and focus on gas, exploring exit from GUPCO:<\/strong> BP has reportedly begun meeting with prospective buyers for its stake in its 50-year-old JV with the EGPC, the Gulf of Suez Oil Company (GUPCO), banking sources told Reuters<\/a>. The sale of the maturing assets comes as BP looks to focus on ramping up gas production in the eastern Mediterranean from fields such as the West Nile Delta development and its stake in Zohr. While the banking sources valued GUPCO at USD 500 mn, BP is hoping to raise USD 1 bn from the sale, sources familiar with the matter tell Bloomberg<\/a>. BP has a target to sell USD 2-3 bn of assets this year, down from USD 4.3 bn in 2017, as it continues to shore up its finances following crude\u2019s collapse. Divesting the Egyptian onshore fields could be sensitive as they employ thousands of local staff, sources added.<\/p>\n","protected":false},"excerpt":{"rendered":"

BP looking to sell off maturing Egypt assets and focus on gas, exploring exit from GUPCO: BP has reportedly begun meeting with prospective buyers for its stake in its 50-year-old JV with the EGPC, the Gulf of Suez Oil Company (GUPCO), banking sources told Reuters. The sale of the maturing assets comes as BP looks […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-631377","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"88834106-662c-4eac-a0c2-ce8860076dcf","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[631370],"teaser":"","voice_url":""},"yoast_head":"\nBP looking to sell off maturing Egypt assets and focus on gas - 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\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BP looking to sell off maturing Egypt assets and focus on gas\" \/>\n<meta property=\"og:description\" content=\"BP looking to sell off maturing Egypt assets and focus on gas, exploring exit from GUPCO: BP has reportedly begun meeting with prospective buyers for its stake in its 50-year-old JV with the EGPC, the Gulf of Suez Oil Company (GUPCO), banking sources told Reuters. The sale of the maturing assets comes as BP looks […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-18T04:25:49+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"BP looking to sell off maturing Egypt assets and focus on gas\",\"datePublished\":\"2018-03-18T04:25:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/\"},\"wordCount\":165,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/bp-looking-to-sell-off-maturing-egypt-assets-and-focus-on-gas\/\",\"name\":\"BP looking to sell off maturing Egypt assets and focus on gas - 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Under the terms of the agreement, which is\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\/2019\/1\/2424.jpg?fit=%2C&ssl=1&resize=350%2C200","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":631377,"position":1},"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":631377,"position":2},"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":624918,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/23\/sdx-in-talks-with-bp-to-acquire-assets-in-egypt\/","url_meta":{"origin":631377,"position":3},"title":"SDX in talks with BP to acquire assets in Egypt","author":"enterpriseam admin","date":"23 September 2018","format":false,"excerpt":"**#6 M&A WATCH- SDX in talks with BP to acquire assets in Egypt: SDX Energy announced on Thursday that it was in open talks with BP to acquire \u201ca significant package of [its] assets in Egypt.\u201d It\u2019s not immediately clear which assets SDX hopes to acquire, but the company said\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":567140,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/dragon-oil-completes-acquisition-of-bp-gulf-of-suez-assets\/","url_meta":{"origin":631377,"position":4},"title":"Dragon Oil completes acquisition of BP Gulf of Suez assets","author":"enterpriseam admin","date":"14 January 2020","format":false,"excerpt":"M&A WATCH- Dragon Oil completes USD 500 mn acquisition of BP\u2019s Gulf of Suez assets: Emirates National Oil Company (ENOC) subsidiary Dragon Oil has wrapped up its acquisition of BP\u2019s Gulf of Suez asset for USD 500 mn, the Oil Ministry said in a statement (pdf). 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