Business Partnership Adnoc Collaborates with BP to Form New Gas Joint Venture

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The new joint venture in Egypt will be 51 % owned by BP and 49 % by Adnoc. With this move, the joint venture is expected to grow a highly competitive gas portfolio by combining the deep technical capabilities and track records of both the firms.

Abu Dhabi/UAE – Adnoc and BP 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.”

William Lin, BP’s 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.”

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.

Subject to regulatory approvals and clearances, the formation of the incorporated JV is expected to complete during the second half of 2024.

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