UAE’s Dragon makes huge 100 mn oil barrel discovery in Gulf of Suez
Dragon Oil strikes for the first time — and strikes big — in Suez concessions: Emirates National Oil Company (ENOC) subsidiary Dragon Oil has discovered a 100-mn-barrel oil field in the Gulf of Suez concessions it acquired from BP in 2020, the company said during a sit-down with Oil Minister Tarek El Molla, according to a ministry statement. The […]
A first for Egypt as Fugro revolutionises subsea installation for GUPCO
Fugro has revolutionised a subsea installation programme for Gulf of Suez Petroleum Company (GUPCO) with its innovative QuickVision® technology. Used for the first time in Egypt, the contactless positioning solution replaced the conventional survey sensors typically attached to subsea structures during installation. Under a contract with Dragon Oil (GUPCO), Fugro delivered subsea positioning support for […]
Carlyle, Cairn-backed group, Dragon Oil in running to acquire Shell Egypt onshore assets
Private equity firm Carlyle Group and a consortium backed by Cairn Energy are in the running to acquire Shell’s onshore assets in Egypt, Reuters reports, citing two sources with knowledge of the matter. Previous reports had indicated that Cairn Energy was part of a consortium that initially included Cheiron and Pharos Energy, until Pharos withdrew […]
Dragon Oil to invest $650 mn in Egypt, looks to acquire Western Desert assets
Dragon Oil to invest USD 650 million in Egypt over the next five years: UAE-based oil and gas company Dragon Oil plans to invest an additional USD 650 million in Egypt over the next five years by acquiring operating assets in the Western Desert, COO Tayeb Huwair told Hapi Journal without disclosing which units the […]
Dragon Oil completes acquisition of BP’s Gulf of Suez assets (GUPCO)
Emirates National Oil Company (ENOC) subsidiary Dragon Oil has wrapped up its acquisition of BP’s Gulf of Suez assets for USD 500 million, the Oil Ministry said in a statement. A conflicting report by Al Arabiya puts the transaction value at USD 850 million, although the source of the figure remains unclear. BP and Dragon […]
Dragon Oil completes acquisition of BP’s share in Egypt’s GUPCO JV
Dragon Oil’s Acquisition of BP’s stake in Gulf of Suez, Egypt – Major investments and new concepts. As a part of its ongoing drive to be among regionally and globally ranked Oil and Gas companies, Dragon Oil Ltd. – the fully owned exploration and production platform of Emirates National Oil Company «ENOC» has acquired BP’s […]
Dragon Oil CEO Ali Al Jarwan comments on GUPCO acquisition from BP in Egypt
In an interview with Oil & Gas Middle East, Dragon Oil CEO Ali Al Jarwan revealed the company’s progress on its $13bn expansion plans. Dragon Oil, the exploration and production arm of Emirates National Oil Company (ENOC), is in the process of finalising an acquisition in Egypt which will add 70,000 barrels per day of […]
BP divests its Gulf of Suez mature oil concessions in Egypt to Dragon Oil
BP to divest mature oil assets in Egypt to Dragon Oil. BP has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to Dragon Oil, the Dubai-based oil and gas company. Under the terms of the agreement, Dragon Oil will purchase producing and exploration concessions, including BP’s interest in the Gulf […]
BP nears sale of its stake in GUPCO to Dragon Oil for over $600 million
BP is nearing the sale of its stake in a major Egyptian oil and gas company to Dubai-based Dragon Oil for over $600 million, industry and banking sources said. The sale, which is expected to complete in the coming weeks, would mark the end of BP’s 50-year-old partnership in the Gulf of Suez Petroleum Company […]
ENOC’s Dragon Oil to acquire BP’s mature assets in Egypt?
Emirates National Oil Company (ENOC) subsidiary Dragon Oil is set to acquire unspecified assets in Egypt within the next three to four months, Dragon Oil CEO Ali Al Jarwan told Oil & Gas Middle East. According to Al Jarwan, the asset should add 70k bpd to the company’s production. While Al Jarawan did not disclose […]
