BP, ADNOC to Establish Joint Venture in Egypt

SEATTLE (Oil Monster): London, UK-headquartered multinational oil and gas major BP will establish a joint venture project in Egypt, in association with the state-owned oil company Abu Dhabi National Oil Company (ADNOC).

The joint venture, with 51% ownership stake by BP and the remaining 49% stake by ADNOC, will initially focus on natural gas production. The JV is expected to be formed during the second half of 2024.

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The concessions of the joint venture include Shorouk, North Damietta, North El Burg, North El Tabya, Bellatrix-Seti East and North El Fayrouz.BP owns 10% and 50% interest in Shorouk and North El Burg respectively. The other three concessions are exploration agreements.

Under the terms of the joint venture agreement, BP will contribute its interests in three development concessions and exploration agreements in Egypt. Also, ADNOC will make corresponding cash contribution towards advancement of these projects, which are expected to contribute significantly to the country’s economy.

The collaboration between BP and ADNOC promises to boost Egypt’s energy security and unlock the region’s economic potential. The dynamic collaboration offers a platform for international growth for both the parties.