Dragon Oil to invest $1 billion in Egypt’s Gulf of Suez after buying BP stake

Reuters: Dubai-based Dragon Oil Ltd said on Monday it had completed the purchase of BP’s oil concessions in Egypt’s Gulf of Suez and will invest $1 billion over five years to boost and extend their production. Dragon, owned by Emirates National Oil Company (ENOC), said it had replaced BP as the partner of state-owned Egyptian General Petroleum Corporation (EGPC) in[Read More...]

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