Cairo – Dragon Oil, wholly-owned oil and gas exploration and development platform of Emirates National Oil Company (ENOC), has obtained the Egyptian Ministry of Petroleum’s approval to acquire BP’s Gulf of Suez oil concessions where the Gulf of Suez Petroleum Company (GUPCO) is the contractor, Ahram reported on Monday.

Under the deal, Dragon Oil has become the Egyptian General Petroleum Corporation’s (EGPC) partner, replacing BP in all oil discovery and production concessions in Gulf of Suez.

The acquisition will boost the company’s strategic output and investments in several countries, including Turkmenistan, Iraq, and Afghanistan, raising its output which has reached 150,000 barrels per day.

Dragon Oil aims to increase its daily output to 300,000 barrels of oil by 2026.

It is worth mentioning that GUPCO Egypt has a current daily production of 60,000 barrels from 11 concessions and its sustainable production target for 2021 is set at 75,000 barrels.

Source: Mubasher

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