BP-ADNOC JV secures exploration rights for gas field off Egypt

SEATTLE (Oil Monster): As disclosed in a social media post, an acquisition agreement was signed between the Egyptian Natural Gas Holding Company (EGAS), Arcius Energy, Shell, and BP. The deal grants Arcius Energy full production and exploitation rights in the El Borg Offshore Concession in the Mediterranean Sea, holding the Harmattan field.

The agreement signing was witnessed by Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, and Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC Group.

Arcius is a joint venture between BP (51%) and XRG (49%), ADNOC’s low-carbon energy, natural gas, and chemicals investment company. When the company was formed in December 2024, it was stated that it would initially focus on the development of gas assets in Egypt.

Courtesy: www.offshore-energy.biz