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FINANCIAL NEWS
UAE’s Dragon Oil considers acquisition in Africa
21 Feb 2012
(MENAFN) Dragon Oil said that as it planned to diversify beyond the Caspian, the explorer majority-owned by Emirates National Oil Company (Enoc) would buy a West African producer, reported The National.
The company added that it was looking for places to invest USD1.5 billion since last year, adding that it was considering the acquisition of BowLeven, which operates in Gabon and Cameroon.
Moreover, Dragon, which is 51 percent owned by Enoc, is assessing opportunities in West Africa as well as north-east Africa and Central Asia.
It is worth noting that BowLeven, which needs at least USD400 million to produce oil by 2015, had a discovery in Cameroon in October.
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