Saeed Mohammed Al Tayer, Vice Chairman of Dragon Oil, has welcomed the Dubai-based company’s purchase of BP’s stake in Egypt.
BP has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to the company, which is owned by Dubai government.
Under the terms of the agreement, Dragon Oil will purchase producing and exploration concessions, including BP’s interest in the Gulf of Suez Petroleum Company (GUPCO).
The deal, which is subject to the Egyptian Ministry of Petroleum and Mineral Resources’ approval, is expected to complete during the second half of 2019 and is part of BP’s plan to divest more than $10 billion of assets globally over the next two years.
Ali Rashid Al Jarwan, CEO of Dragon Oil, said the deal will enhance the company’s production and investments in a number of countries, including, Turkmenistan, Iraq and Afghanistan.