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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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Dragon Oil to invest $1 billion in Egypt's Gulf of Suez after buying BP stake

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10/21/2019 | 09:36am EST

DUBAI/CAIRO (Reuters) - Dubai-based Dragon Oil Ltd said on Monday it had completed the purchase of BP's oil concessions in Egypt's Gulf of Suez and will invest $1 billion (£771 million) over five years to boost and extend their production.

Dragon, owned by Emirates National Oil Company (ENOC), said it had replaced BP as the partner of state-owned Egyptian General Petroleum Corporation (EGPC) in the Gulf of Suez Petroleum Company (GUPCO), which has 11 offshore oil exploration and production concessions.

GUPCO's target had been to increase the concessions' combined production to 75,000 barrels per day (bpd) of oil by 2021 from the current 60,000 bpd.

But Dragon said it plans to boost production to above 75,000 bpd and maintain this level for 10 years by further drilling and investing $1 billion over the next five years.

The deal between Dragon Oil and BP was announced in June, pending approval by Egypt's ministry of petroleum.

(Reporting by Dahlia Nehme and Patrick Werr; Editing by Edmund Blair and Deepa Babington)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.03% 511.9 Delayed Quote.2.17%
LONDON BRENT OIL -0.50% 61.86 Delayed Quote.15.20%
WTI 0.14% 56.59 Delayed Quote.25.40%
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Financials (USD)
Sales 2019 279 B
EBIT 2019 19 637 M
Net income 2019 6 936 M
Debt 2019 48 182 M
Yield 2019 6,21%
P/E ratio 2019 15,7x
P/E ratio 2020 11,7x
EV / Sales2019 0,65x
EV / Sales2020 0,61x
Capitalization 133 B
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Number of Analysts 24
Average target price 7,73  $
Last Close Price 6,61  $
Spread / Highest target 42,1%
Spread / Average Target 16,9%
Spread / Lowest Target -7,80%
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Robert W. Dudley Group Chief Executive Officer & Executive Director
Helge Lund Chairman
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Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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