Burness Paull advises Dragon Oil on major Egyptian acquisition
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.
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.
20th November 2020
The Prime Minister announced the UK Government’s ten-point plan for a “Green Industrial Revolution”.
16th November 2020
Energy Voice have launched the Energy Transition Idea Exchange, taking place on 19 November.
27th October 2020
It has been recognised that the ‘green agenda’ has a key role to play in the economic recovery.