Dragon Oil, a wholly-owned subsidiary of Dubai’s Emirates National Oil Company (Enoc), says it plans to spend $1bn over the next five years in Egypt, after its acquisition of UK firm BP’s Gulf of Suez Gupco operations (MEES, 7 June), which completed 21 October.

Dragon says it plans to boost output to above 75,000 b/d and to “maintain this level of production for the next 10 years through the implementation of the best technical methods.” Dragon says Gupco output is currently 60,000 b/d from 11 concessions but a MEES source at Gupco says that output is around 69,000 b/d. (CONTINUED - 166 WORDS)