BP and ADNOC announced today the establishment of a joint venture, “Arcus Energy”, to explore natural gas in Egypt. The initiative aligns with ADNOC’s international expansion strategy and BP’s efforts to strengthen its regional presence. The project involves significant investments across multiple concessions, with BP holding 51% and ADNOC 49%.
Key Arcus Energy Concessions
The venture secures strategic stakes in major Egyptian gas fields, including:
- 10% ownership in Zohr Field, one of Egypt’s largest gas discoveries.
- 100% ownership of North Damietta concession.
- Promising exploration agreements in untapped areas.
The joint venture aims to build a competitive gas portfolio with a regional and global outlook, solidifying Egypt’s position as a key regional energy hub.
Future Energy Vision
- Sultan Al Jaber, CEO of ADNOC, emphasized the project’s role in supporting energy transition efforts and meeting growing global gas demand.
- Murray Auchincloss, BP’s CEO, highlighted the partnership’s strengths, stating it will drive sustainable energy growth by leveraging both companies’ expertise and resources.