UAE's Dragon Oil eyes acquiring 20% stake in Egypt’s Nargis Offshore Area

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Italian energy firm Eni holds a 45% stake in Nargis Offshore Area, while Egypt’s Tharwa Petroleum Company owns a 10% stake

Staff Writer, Arab Finance

August 21, 2023

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Arab Finance: UAE’s oil and natural gas firm Dragon Oil is planning to purchase a 20% stake in Egypt's Nargis Offshore concession in the Mediterranean from Chevron, which holds 45% of it, a government official told Asharq Business on August 20th.

Dragon Oil is targeting accessing the oil production sector in Egypt after succeeding in producing oil by acquiring BP Egypt’s assets in the Gulf of Suez region back in 2019 in an $850 million deal, the official said.

It is worth noting that the Italian energy firm Eni holds a 45% stake in Nargis Offshore Area, while Egypt’s Tharwa Petroleum Company owns a 10% stake.

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