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(Adds details on Dragon's investment plans)
DUBAI/CAIRO, Oct 21 (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 the Gulf of Suez
Petroleum Company (GUPCO), which has 11 offshore oil exploration
and production concessions.
GUPCO's target had been to increase the concessions'
combined production to 75,000 barrels per day (bpd) of oil by
2021 from the current 60,000 bpd.
But Dragon said it plans to boost production to above 75,000
bpd and maintain this level for 10 years by further drilling and
investing $1 billion over the next five years.
The deal between Dragon Oil and BP was announced in June,
pending approval by Egypt's ministry of petroleum.
(Reporting by Dahlia Nehme and Patrick Werr; Editing by Edmund
Blair and Deepa Babington)
