Dragon Expanding In Egypt

Dubai state oil firm ENOC’s wholly owned subsidiary Dragon Oil is looking to expand its Egypt operations, and will make an announcement soon, CEO Ali al-Jarwan told Oil & Gas Middle East magazine in an interview this week.

The deal will add 70,000 b/d of oil to the company’s mainly Turkmenistan focused portfolio and Mr Jarwan says that Dragon has $500mn to spend in 2019 on acquisitions. Although he did not give a name it is more than likely that Dragon is in discussions with UK major BP to purchase the firm’s ageing Gupco operations in the Gulf of Suez. Gupco output is 70,000 b/d and 400mn cfd of gas and last year rumors circulated that BP was looking to raise $500mn from its sell-off. London-listed SDX Energy pulled out of a deal late last year to purchase “a significant package of assets in Egypt from BP” also believed to be Gupco ( MEES, 19 October 2018 ). (CONTINUED - 181 WORDS)