Plan to grow gas portfolio in Egypt
bp and ADNOC form Egypt joint venture. (Image: ADNOC)
Abu Dhabi’s national oil company ADNOC and bp are planning a gas joint venture in Egypt.
The companies said the JV, 51% bp and 49% ADNOC, will combine the pair’s technical capabilities to grow a highly competitive gas portfolio. As part of the agreement, bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. ADNOC will make a proportionate cash contribution which can be used for future growth opportunities.
“Today’s announcement with bp represents a significant step forward as ADNOC builds its international natural gas portfolio,” said Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth. “This progressive joint venture partnership will enhance Egyptian energy security and the economic potential of the region’s most populous Arab country.”
Concessions to be included in the JV:
• Shorouk (bp 10% interest, contains the producing Zohr field) operated by Belayim Petroleum (Petrobel);
• North Damietta (bp 100% interest, contains the producing Atoll field) operated by Pharaonic Petroleum Company (PhPC);
• North El Burg (bp 50% interest, contains the undeveloped Satis field) operated by PhPC;
• North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.
Subject to regulatory approvals and clearances, the formation of the incorporated JV is expected to be completed during the second half of 2024.
