Congratulations to Dragon Oil, a subsidiary of Emirates National Oil Company, on the completion of its acquisition of BP’s stake in The Gulf of Suez Petroleum Company (“GUPCO”).

GUPCO currently produces around 60,000 barrels of oil per day from 11 concessions, and Dragon Oil plans to increase production above 75,000 barrels of oil per day and to maintain production at that level during the next 10 years.

Bruce McLeod, Laura Fraser, David Smith and Anna Toye led the Burness Paull team which acted for Dragon Oil in the negotiations, supported by Egyptian counsel.

Burness Paull’s previous experience of upstream oil & gas deals in Egypt includes acting for RWE DEA in the negotiation of the joint venture, transportation and other agreements for the West Nile Delta project, the $12 billion development of the Taurus, Libra, Giza, Fayoum and Raven fields utilising two separate export routes. Those fields are expected to account for around 20 per cent of Egypt’s current gas production.