ADNOC and bp to form gas joint venture
ADNOC and bp announced that they have agreed to form a new joint venture (JV) in Egypt. The JV (51% bp and 49% ADNOC) will combine the pair’s deep technical capabilities and proven track records as it aims 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.
Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said: “Today’s announcement with bp represents a significant step forward as ADNOC builds its international natural gas portfolio. This progressive joint venture partnership will enhance Egyptian energy security and the economic potential of the region’s most populous Arab country. Building on our long-standing strategic partnership with bp, ADNOC looks forward to continue exploring other opportunities as we collectively seek to decarbonize our operations and lead a just and equitable energy transition.”
bp’s William Lin, Executive Vice President of Regions, Corporates & Solutions, said: “This dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with ADNOC that spans over five decades. Together, we will build on the 60 years of safe and efficient operations of bp and its partners in Egypt, and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the 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.
The deal is subject to regulatory approvals and clearances, the formation of the incorporated JV is expected to complete during the second half of 2024.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news
![BloomburgMedia_SIZVF3DWLU6800_31-08-2024_16-00-06_638606592000000000.jpg](/media/cq0py2jz/bloomburgmedia_sizvf3dwlu6800_31-08-2024_16-00-06_638606592000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133695936067470000&format=webp)
YPF Eyes Sale of Lithium Unit as Focus Narrows on Shale Ramp-Up
![BloomburgMedia_SJ0BEZDWLU6800_01-09-2024_16-00-07_638607456000000000.jpg](/media/a2qljijm/bloomburgmedia_sj0bezdwlu6800_01-09-2024_16-00-07_638607456000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133696800077270000&format=webp)
Harris Rules Out Fracking Ban, Threading Needle on Oil
![Aerial View Of PLN Indonesia Power's 780 Megawatt (MW) Tambak Lorok Combined Cycle Power Plant Block 3](/media/g3kfzgiq/aerial-view-of-pln-indonesia-power-s-780-megawatt-mw-tambak-lorok-combined-cycle-power-plant-block-3.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133694854472630000&format=webp)
GE Vernova begins commercial operation in PLN Indonesia Power’s H-Class gas power plant
![BloomburgMedia_SIYHXST1UM0W00_29-08-2024_16-00-06_638604864000000000.jpg](/media/ywydklfe/bloomburgmedia_siyhxst1um0w00_29-08-2024_16-00-06_638604864000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133694208070300000&format=webp)
US Pipeline Operator ONEOK Inks Two Deals for $5.9 Billion
![BloomburgMedia_SIXI6VDWRGG000_28-08-2024_16-00-06_638604000000000000.jpg](/media/baqdd0m1/bloomburgmedia_sixi6vdwrgg000_28-08-2024_16-00-06_638604000000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133693344067370000&format=webp)
Ecopetrol Loses Two Board Members on Occidental Oil Deal Fallout
![BloomburgMedia_SIU6ZJT0AFB400_27-08-2024_16-00-06_638603136000000000.jpg](/media/pfcfo5bv/bloomburgmedia_siu6zjt0afb400_27-08-2024_16-00-06_638603136000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133692480068100000&format=webp)
Panama Canal Eases Limits That Caused Global Shipping Bottleneck
![BloomburgMedia_SITMI5DWRGG000_26-08-2024_12-00-07_638602272000000000.jpg](/media/1igbao0z/bloomburgmedia_sitmi5dwrgg000_26-08-2024_12-00-07_638602272000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133691472076500000&format=webp)
US Oil Dominance Hinges on Quiet Corner of New Mexico
![Gjoa](/media/ieajrodo/gjoa.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133096019243200000&format=webp)
OMV announces gas discovery in the Norwegian Sea
![Qatar Kuwait](/media/2wfngjqs/qatar-kuwait.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133691492492830000&format=webp)
QatarEnergy and KPC sign 15-year agreement for LNG supply to Kuwait
![BloomburgMedia_SGE9IKT0G1KW00_25-08-2024_16-00-06_638601408000000000.jpg](/media/1fqbutrt/bloomburgmedia_sge9ikt0g1kw00_25-08-2024_16-00-06_638601408000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133690752065770000&format=webp)
Sinopec’s Profit Gains as Upstream Strength Offsets Refining
![Thumbnail (1)](/media/avnnkwbu/thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133651637018400000&format=webp)
Why data centres and AI could shake up the global LNG market
![Thumbnail](/media/kfob3oys/thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133600616585730000&format=webp)
Why energy executives expect the world to hit net zero by 2060
![CSIS Thumbnail](/media/o0acqjyg/csis_thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133566075809700000&format=webp)
CSIS: long-term LNG demand to reshape global export capacity growth
![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
Partner content
![Dewatermark.Ai 1723035294692](/media/0pujudcn/dewatermark-ai_1723035294692.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133675125990530000&format=webp)
Integrally geared compressors cut the carbon and boost carbon capture
![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
![New Lng Ship Web 17829](/media/vjrjyypa/new-lng-ship-web-17829.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133179936218300000&format=webp)
Back to the Future(s): the best commodities benchmarks are still physically settled
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)