Sea Dragon Energy has acquired a 12.75% stake in an offshore concession in Egypt covering 26.2 sq km with two existing productive oil horizons. The 10-year concession requires $23 million investment including one exploration well and facility upgrades. Kosmos Energy will use the semi-submersible rig Maersk Discoverer to drill the FA-1 exploration well in Morocco in the first half of 2014, with BP funding well costs up to an agreed maximum. Fitch Ratings upgraded Egypt's economic outlook from negative to stable while keeping its credit ratings unchanged, citing improvements in the political situation and key economic indicators. Russian oil production reached a post-Soviet high of 10.51 million barrels per day in 2013