The National Oil Production Company (NOPC) is a Cairo-based upstream oil and gas exploration and production company. In September 2007, NOPC acquired 100% of Canada’s Calgary-based Rally Energy for USD 868 million. Rally had a 100% operating interest in the Issaran heavy oil field, an onshore asset in the Gulf of Suez. Rally also holds a 30% stake in the Safed Koh block in Pakistan’s Punjab Province, where it is participating in the development of a natural gas discovery.
The shareholders of NOPC have invested over USD 810 million of shareholder equity and loans, plus over USD 545 million of bank debt, for a total cash investment of over USD 1.35 billion over the course of what is now a five-year oil production development project. To improve this platform’s economic viability, Qalaa Holdings recently acquired c. USD 534 million of this debt from select lenders for a total consideration of USD 60 million. Closing is expected in 2Q14.