The UK oil and gas group BP and XRG, the international energy investment subsidiary of the UAE’s ADNOC, have established a new regional gas platform, Arcius Energy, which will focus on the development of gas assets in Egypt. BP and ADNOC have also reached financial close on the creation of the platform. Arcius Energy is 51% owned by BP and 49% by XRG.
The concessions assigned to Arcius Energy in Egypt are Shorouk (BP 10% interest, which contains the producing Zohr field operated through Belayim Petroleum); North Damietta (BP 100% interest, which contains the producing Atoll field; operated through Pharaonic Petroleum Company); as well as the North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.
Together with its partners, BP claims a share of 70% of Egypt’s gas production through its gas development projects in the West and East Nile Delta. In June 2024, BP confirmed its intent to take a 10% interest in ADNOC’s planned Ruwais LNG project in the United Arab Emirates, subject to necessary approvals. The project, led by ADNOC with a 60% interest, is planned to consist of two 4.8 Mt/year liquefaction trains.