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Report: Dragon Oil closes acquisition of Egyptian oil assets from BP

Emirates National Oil Co. Ltd (ENOC) L.L.C. subsidiary Dragon Oil PLC completed the previously announced acquisition of BP PLC interests in Gulf of Suez oil concessions in Egypt for an undisclosed amount, Reuters reported Oct. 21.

Dragon Oil takes the oil major's place as a joint venture partner of Egyptian General Petroleum Corp. in the Gulf of Suez Petroleum Co., or GUPCO, which has 11 offshore oil exploration and production concessions, the report said.

Reuters said Dragon Oil plans to invest $1 billion over the next five years to boost GUPCO's production to above 75,000 barrels per day and to maintain the level for the next 10 years.