London-based oil and gas major BP PLC announced June 3 that it will sell its interests in Gulf of Suez oil concessions in Egypt to Dragon Oil PLC for an undisclosed amount.
The deal includes the company's stake in Gulf of Suez Petroleum Co., a joint venture with Egyptian General Petroleum Corp.
The oil major said the sale, which is subject to approval from the Egyptian Ministry of Petroleum and Mineral Resources, is expected to be completed in the second half. The transaction is part of BP's plan to divest more than $10 billion of assets globally over the next two years.
Dubai, United Arab Emirates-based oil and gas company Dragon Oil is a subsidiary of Emirates National Oil Co. Ltd (ENOC) LLC