DUBAI, Oct 21 (Reuters) - Dragon Oil Ltd has acquired BP's
stake in Gulf of Suez Oil Company (GUPCO) in Egypt, the
Dubai-based company said on Monday.
Dragon Oil, an exploration and production platform owned by
Emirates National Oil Company (ENOC), said it had replaced BP as
the contractor for state-owned Egyptian General Petroleum
Corporation (EGPC) in oil production and discovery concessions
in the Gulf of Suez area, where GUPCO operates.
GUPCO produces 60,000 barrels per day (bpd) of oil from 11
concessions and has a target to reach sustainable production of
75,000 bpd by 2021.
(Reporting by Dahlia Nehme; Editing by Edmund Blair)
BP (BP.)
