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    ADNOC, bp form Egypt-focused gas venture

    Dec. 16, 2024
    bp and XRG (ADNOC's investment company) have completed the formation of Arcius Energy, their new joint venture and international natural gas platform.
    Related To: bp
    Courtesy bp
    Qattameya gas field foundation support structure
    bp started gas production in 2020 from the Qattameya gas field development in the North Damietta concession ‎offshore Egypt.

    bp and XRG have completed the formation of Arcius Energy, their new joint venture and international natural gas platform.

    XRG, ADNOC’s investment company, has a 49% share, with bp owning 51%. The agreement was originally announced in February of this year. 

    Courtesy bp
    Arcius Energy
    bp and XRG reached financial close and completed formation of their new joint venture and international natural gas platform, Arcius Energy, on Dec. 16.
    Arcius Energy, which initially operates in Egypt, includes bp’s interests in two producing gas concessions in the Mediterranean Sea:
    • Shorouk (bp 10%), which contains the deepwater Zohr field, operated by Belayim Petroleum (Petrobel); and 
    • North Damietta (bp 100%), which includes the Atoll field, operated by Pharaonic Petroleum Co.

    In addition, Arcius will manage the North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.

    bp says it is currently producing about 70% of Egypt’s gas through its development projects in the West and East Nile Delta.

    Executive leadership

    Naser Saif Al Yafei of ADNOC has been named CEO of Arcius, and bp’s Katerina Papalexandri will serve as CFO.

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