bp and ADNOC investment company XRG have completed the formation of their new international gas platform joint venture Arcius Energy.
Announced in February, Arcius Energy is 51% owned by bp and 49% by XRG. The new joint venture will combine the pair’s technical capabilities and proven development track record.
Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across two development concessions, as well as exploration agreements.
H.E. Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG, said Arcius Energy marks a new chapter in its long-standing partnership with bp, and fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a ‘world-scale integrated gas and chemicals portfolio’ to meet rising global demand.
He said the partnership will unlock a lower-carbon transition fuel to build a future where smarter, cleaner and more affordable energy is accessible for Egypt and the world.
Murray Auchincloss, chief executive of bp, added, “Together, we can continue to build on bp’s 60 years of technical expertise and delivery of safe and efficient operations in Egypt – a hub for new opportunities to build out a highly competitive gas portfolio in the region.”
Naser Saif Al Yafei was appointed CEO of the new joint venture and Katerina Papalexandri appointed CFO.
In June, bp bought a 10% interest in ADNOC’s planned Ruwais liquefied natural gas (LNG) project, subject to necessary approvals. The project, led by ADNOC with 60% interest, consists of two 4.8 million tonnes per annum (mmtpa) liquefaction trains, providing a total capacity of 9.6mmtpa.
ADNOC has been busy in recent weeks signing sales and purchase agreements with Petronas and Germany’s SEFE for its Ruwais LNG project in Abu Dhabi.
Read more: ADNOC and Petronas sign 15-year LNG deal for Ruwais project
Read more: ADNOC signs 15-year LNG sales agreement with SEFE
