UAE’s Dragon Oil to invest US$1bn in newly acquired Gulf of Suez concession to boost production

EGYPT – Emirates National Oil Company Subsidiary Dragon Oil has in October this year completed the acquisition of BP’s concession in the Gulf of Suez, Egypt, with the approval of the Ministry of Petroleum and Mineral Resources. The oil and gas exploration company during the announcement of full acquisition of the concession also revealed that it has plans to invest $1bn over five years to boost and extend their production. With the new acquisition, Dragon Oil replaces BP as the partner of Egyptian General Petroleum Corporation (EGPC) in all oil…

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