UAE state-owned oil company the Abu Dhabi National Oil Company (ADNOC) and integrated energy company, BP, have established a joint venture (JV) in Egypt to advance gas development in the north African country.
ADNOC will assume a 49% stake while BP retains a 51% interest.
The formation of the JV, subject to regulatory approvals, is anticipated to be finalized in H2, 2024.
Under the terms of the agreement, bp will transfer its stakes in three development concessions and exploration agreements in Egypt to the newly formed JV.
The concessions include Shorouk (10%), North Damietta (100%), and North El Burg (50%), along with exploration agreements for North El Tabya, Bellatrix-Seti East, and North El Fayrouz. Additionally, ADNOC will provide cash contributions for potential growth endeavors.
Musabbeh Al Kaabi, ADNOC’s Executive Director for Low Carbon Solutions and International Growth, stated that the JV aligns with the company’s efforts to decarbonize operations and spearhead an inclusive energy transition.
This milestone “will enhance Egyptian energy security and economic potential,” he said.
Source:https://energynewsafrica.com
