Protesters blockade universities, stockpile makeshift weapons as chaos grips Hong Kong    2021 Africa Cup of Nations qualifiers fixtures    Fresh protests in Lebanon; no sign of new government    PUBG Mobile unveils Royale Pass Season 10 with massive content update    China cheated America on trade, but he blames US leaders for letting it happen: Trump    Most Gulf stocks fall as oil prices decline    Son is ready to show his quality against Lebanon, says South Korea coach    U.S. has no intention of ending alliance with Syrian Kurdish fighters    Spanish striker David Villa set to retire from Japan club    Liverpool's forward Salah out of Egypt games with ankle problem    Gold little changed on doubts over US-China trade deal, dollar firms    European markets to open lower as US-China trade concerns resurface    GERD: An ‘adaptive' agreement    A tour in prison    Nobel's champions of peace    Reporting on human rights    A film is born    Requiem for a dream    Hero doctor sleep    Dogged dilemma    Inflation at new lows    Gold falls back    Soprano Amira Selim and French pianist Pascale Rozieratthe newly re-opened International Music Centre    Egypt MPs meet with EU diplomats in Cairo to discuss human rights criticisms    Ministry of Investment organises visit for African ambassadors to New Administrative Capital    10 tips to have your 30s starting a lifelong success    Nike to investigate its Oregon Project following Mary Cain's NYT op-ed    ‘Shining' sequel ‘Doctor Sleep' targets $25 mln opening, has Stephen King's blessing    Sisi: Egypt believes in comprehensive approach to human rights    UK University of Hertfordshire to open campus in Egypt new capital    Egypt's bourse, banks to close Sunday to mark Prophet Muhammad's birth    Egypt rejects politicised reports on human rights conditions – parliament    Egypt to vote on 3-month extension of state of emergency Monday    Jurgen Klopp gives injury update on Egypt's Mohamed Salah    Al Pacino says follows this mantra on every acting job    Remembering Mustafa Mahmoud, philosopher of his time    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





BP nears sale of stake in Egyptian oil firm to Dragon Oil: sources
Published in Ahram Online on 23 - 05 - 2019

BP is nearing the sale of its stake in a major Egyptian oil and gas company to Dubai-based Dragon Oil for over $600 million, industry and banking sources said.
The sale, which is expected to complete in the coming weeks, would mark the end of BP's 50-year-old partnership in the Gulf of Suez Petroleum Company (GUPCO) as the London-based company focuses on developing Egypt's large offshore gas reserves.
Dragon Oil, a subsidiary of Dubai's Emirates National Oil Company (ENOC), has said it plans to expand its international operations and boost its production to 300,000 barrels of oil equivalent per day by 2025.
GUPCO produces over 70,000 barrels per day of oil and 400 million cubic feet per day of gas, the sources said.
A BP spokesman declined to comment. The Egyptian Petroleum Ministry and the Egyptian General Petroleum Corporation (EGPC) had no immediate comment. ENOC could not be reached for comment.
The GUPCO sale has received the initial approval of Egypt's Petroleum Ministry after it had objected to an agreement BP had reached last year with North African-focused oil and gas company SDX Energy to buy the asset, one of the sources said.
Dragon Oil's main asset is Turkmenistan's Cheleken field, where it produces close to 90,000 bpd. In Egypt, it has a 100% interest in the East Zeit Bay block.
The cash raised from the sale will help BP towards its goal of selling more than $5 billion of assets following the $10.5 billion acquisition of BHP's onshore oil and gas assets in the United States last year.
BP's total net production in Egypt reached 49,000 bpd of oil and gas liquids and 878 million cubic feet per day of gas in 2018, according to its annual report.
In February, BP launched the Giza/Fayoum field in the West Nile Delta offshore area which is expected to produce around 60,000 boe/d.


Clic here to read the story from its source.