BP and ADNOC’s XRG strike natural gas joint venture pact in Egypt
BP PLC and Abu Dhabi National Oil Co’s international investments arm XRG on Monday said they have closed a deal for a new natural gas joint venture in Egypt.
The joint venture, Arcius Energy, is 51% owned by BP and 49% owned by XRG. It will operate in Egypt initially.
‘Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region,’ said BP Chief Executive Murray Auchincloss.
The concessions assigned to Arcius Energy in Egypt are a 10% interest in Shorouk, which contains the producing Zohr field, a 100% interest in North Damietta which contains the producing Atoll field, and exploration concession agreements in North El Tabya, Bellatrix-Seti East and North El Fayrouz.
ADNOC and BP are founding members of the Oil and Gas Decarbonization Charter which was launched during COP28 in Dubai.
Shares in BP were 0.9% lower at 392.30 pence each in London on Monday morning.
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