BP and XRG, ADNOC’s international energy investment company, have completed the formation of Arcius Energy, a new joint venture and international natural gas platform, BP announced on Monday.
Arcius Energy is 51% owned by bp and 49% by XRG and will initially focus on the development of gas assets in Egypt. At the outset, it includes interests assigned by BP across two development concessions in the country, as well as exploration agreements.
Specifically, the concessions assigned to Arcius Energy are Shorouk, which contains the producing Zohr field and is operated by Belayim Petroleum, and North Damietta, which contains the producing Atoll field and is operated through Pharaonic Petroleum Company. The exploration concession agreements taken on by Arcius Energy are North El Tabya, Bellatrix-Seti East and North El Fayrouz.
Arcius Energy will be headed up by ADNOC’s Naser Saif Al Yafei as CEO and BP’s Katerina Papalexandri as CFO.
“The formation of Arcius Energy marks an exciting new chapter in our long-standing partnership with BP and fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio. This progressive partnership will unlock a lower-carbon transition fuel to build a future where smarter, cleaner and more affordable energy is accessible for Egypt and the world,” said Sultan Ahmed Al Jaber, CEO of ADNOC and executive chairman of XRG.
Together with its partners, BP currently produces around 70% of Egypt’s gas through its development projects in the West and East Nile Delta.
Source: theenergyyear.com