Dragon Oil swoops on BP's mature Egypt assets Report

Deal Insight 12 June 2019

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

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 1
GUPCO fields
Deal analysis: Table 1

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