Abu Dhabi, UAE — ADNOC and bp agree to form a new joint venture (JV) in Egypt to combine their technical capabilities as it aims to grow a highly competitive gas portfolio.
As part of the JV (51% bp and 49% ADNOC), bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt.
ADNOC will make a proportionate cash contribution which can be used for future growth opportunities. Subject to regulatory approvals and clearances, the formation of the incorporated JV is expected to complete during the second half of 2024.
Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said, “Building on our long-standing strategic partnership with bp, ADNOC looks forward to continuing exploring other opportunities as we collectively seek to decarbonize our operations and lead a just and equitable energy transition.”
Concessions to be included in the JV include Shorouk (bp 10 percent interest, contains the producing Zohr field) operated by Belayim Petroleum (Petrobel); North Damietta (bp 100 percent interest, contains the producing Atoll field) operated by Pharaonic Petroleum Company (PhPC); North El Burg (bp 50 percent interest, contains the undeveloped Satis field) operated by PhPC and North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.
