Cairo –The Egyptian Ministry of Petroleum and Mineral Resources announced that Dubai-based Dragon Oil has completed the acquisition of the UK-based BP Plc’s stake in the concessions of Gulf of Suez Petroleum Company (GUPCO) in a deal worth $500 million.

The agreement comes in line with the UAE company’s plan to expand its investments in oil and gas exploration and production sectors in Egypt and the British company’s strategy to focus its investments in the Mediterranean Sea and the Nile Delta, according to a statement on Monday.

In 2019, the UAE came in the first place in terms of foreign direct investment (FDI) in Egypt with a value of $6.3 billion, the petroleum minister, Tarek El-Molla, said.

GUPCO currently produces nearly 60,000 barrels per day (bpd) through 11 concessions and exploration areas, El-Molla revealed.

For his part, Ali Rashid Al Jarwan, CEO of Dragon Oil, said that the company plans to boost GUPCO’s production to more than 75,000 bpd, as part of the UAE company's strategy to increase its production to 300,000 bpd this year from the current 150,000 bpd.

Source: Mubasher

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