ADNOC, BP To Form Gas Joint Venture To Develop Egypt Gas Assets

According to the agreement, BP will contribute its assets to the joint venture in three development concessions and exploration agreements in Egypt.

The JV, with BP holding a 51 percent stake and ADNOC owning the remaining 49 percent, will combine the deep technical capabilities and proven track records of both to grow a highly competitive gas portfolio in Egypt.

According to the agreement, BP will contribute its assets to the joint venture in three development concessions and exploration agreements in Egypt.

ADNOC also will provide a proportionate cash contribution to be used for future growth initiatives.

The JV formation is expected to be completed in the second half of 2024.

Musabbeh Al-Kaabi, ADNOC's ex

ecutive director of Low Carbon Solutions & International Growth, emphasized the importance of this venture in bolstering Egypt's energy security and economic potential. He also underlined the commitment to decarbonize operations in line with global sustainability goals.

William Lin, BP's executive vice president of Regions, Corporates & Solutions, echoed similar sentiments. “This dynamic JV offers a platform for international growth which advances our longstanding and strategic partnership with ADNOC that spans over five decades,” he said.

The concessions included in the joint venture are Shorouk, North Damietta, North El-Burg, and North El-Tabya fields.

Source: Ahram Online