Dragon Oil, a wholly-owned subsidiary of Dubai’s Emirates National Oil Company’s (Enoc), this week agreed to pay an estimated $500mn for BP’s Gupco subsidiary, which manages the firm’s 12 concessions containing 45 fields in Egypt’s mature Gulf of Suez oil province.

Output was 71,000 b/d for 2017-18, 11% of Egypt overall output, down from 72,500 b/d for 2016-17 and 78,000 b/d for 2011-12. Net output to BP is around 40,000 b/d. (CONTINUED - 967 WORDS)