Canada listed SDX Energy confirmed on 20 September that it is in talks with BP to buy a “significant package of assets in Egypt” from the UK major. SDX is apparently referring to the Gulf of Suez fields operated by BP’s Gupco JV with Egypt’s state oil firm EGPC. Rumors circulated earlier this year that BP was looking to sell Gupco, which produces 70,000 b/d of oil and 400mn cfd of gas, for $500mn.
It would be a big upgrade on SDX’s two currently producing Egyptian concessions which include 50% stakes in the 3,880 boe/d (3,100 b/d oil) Zhenhua operated North West Gemsa and the 3,200 b/d Meseda field, both on the west bank of the Gulf of Suez. (CONTINUED - 147 WORDS)