BP Selling GUPCO Stake 

Wednesday, May 29, 2019

BP is working on selling its stake in its Egyptian JV with EGPC, GUPCO, to Dragon Oil. According to a Reuters report, BP will receive more than $600 million for its stake in the JV. The sale of its stake will bring BP’s 50 years in the GUPCO JV to an end.

The transaction with Dragon Oil is set to take place in the coming weeks. Dragon Oil is a subsidiary or Dubai’s Emirates National Oil Company (ENOC).

BP began the hunt for a GUPCO buyer earlier this year to focus on newer deepwater gas fields off Egypt’s Mediterranean coast. GUPCO produces over 70,000 bpd of oil and 400 Mmcf/d of gas.

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