Name: Dragon Oil swoops on BP's mature Egypt assets
Brand: Wood Mackenzie
SKU: 111696
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 12 June 2019

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Report summary

On 3 June 2019, BP announced that it had agreed to divest its Egyptian Gulf of Suez business to Emirates National Oil Company subsidiary, Dragon Oil, for an undisclosed consideration. The GUPCO assets have an illustrious history under BP and were once the cornerstone of Egypt’s oil production. But the fields are now mature and didn’t sit well in BP’s portfolio. For Dragon Oil, the acquisition is transformational: it increases its net production by 70% from its current output of 95,000 b/d in Turkmenistan and 5,000 b/d in Iraq.

Executive summary
Transaction details
Upstream assets
- Morgan
- July
- October
- Badri
- Saqqara
Deal analysis
Upsides and risks
- Upsides
- Risks
Strategic rationale
- ENOC/Dragon Oil
- BP
Oil & gas pricing and assumptions

Tables and charts

This report includes the following images and tables:

Executive summary: Table 1GUPCO fieldsDeal analysis: Table 1

Deal analysis: Table 2Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 1Gupco's post contract valuation under current terms compared with improved termsDragon Oil's net production post-transaction (2005-2025)BP's Egypt net production post-transaction (2005-2025)