BP is nearing the sale of its stake in a major Egyptian oil and gas company to Dubai-based Dragon Oil for over $600 million, industry and banking sources said.

The sale, which is expected to complete in the coming weeks, would mark the end of BP’s 50-year-old partnership in the Gulf of Suez Petroleum Company (GUPCO) as the London-based company focuses on developing Egypt’s large offshore gas reserves.

Dragon Oil, a subsidiary of Dubai’s Emirates National Oil Company (ENOC), has said it plans to expand its international operations and boost its production to 300,000 barrels of oil equivalent per day by 2025.

Source: Reuters