Continental Focus, International Reach

GUPCO for Sale

Monday, March 19, 2018

BP is seeking buyers for its stake in the Gulf of Suez Oil Company (GUPCO), a JV with Egypt’s state-run EGPC, according to rumors out of the North African country. GUPCO operates BP’s assets in the Gulf of Suez region of Egypt.

A Reuters report said the business is being sold off so that BP can focus on newer, deepwater gas fields off Egypt’s Mediterranean coast.

The BP/ EGPC JV produces over 70,000 bpd of oil and 400 Mmcf/d of gas, sources were quoted as saying in the Reuters report. The business is estimated to be worth around $500 million.


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