Dubai state firm sees 70% hike in global output with $500mn purchase of BP’s    71,000 b/d Gulf of Suez subsidiary. A $13bn war chest makes further expansion likely.

Dragon Oil, a wholly-owned subsidiary of Dubai’s Emirates National Oil Company’s (Enoc), this week agreed to pay an estimated $500mn for BP’s Gupco subsidiary, which manages the firm’s 12 concessions containing 45 fields in Egypt’s mature Gulf of Suez oil province.

Output was...