Dubai state oil firm Enoc’s wholly-owned subsidiary Dragon Oil is close to finalizing a deal to take UK major BP’s aging Gupco operations in Egypt’s Gulf of Suez, Reuters reported on 23 May, citing industry and banking sources. The deal could be in excess of $600mn, the report says.

Dragon CEO, Ali al-Jarwan, speaking during an interview last month said the firm was looking to expand its Egypt operations, but at the time did not reveal what acreage his company was looking at (MEES, 12 April). (CONTINUED - 135 WORDS)