(Source: Shutterstock.com)
A new joint venture backed by BP and ADNOC investment firm XRG will focus on developing natural gas assets in Egypt, BP said Dec. 16.
The JV company, Arcius Energy, will continue to develop BP’s stake in Egypt, where the company currently produces about 70% of Egypt’s natural gas in the west and east Nile Delta. BP owns a 51% stake in the company, with XRG taking the remaining stake.
XRG is ADNOC’s international energy investment firm. The joint announcement from BP and XRG emphasized that Egypt was the starting point for Arcius, with potential growth prospects targeting other nations.
“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,” BP CEO Murray Auchincloss said in Dec. 16 press release.
RELATED
Recommended Reading
DOE: ‘Astounding’ US LNG Growth Will Raise Prices, GHG Emissions
2024-12-17 - The Biden administration released Dec. 17 a long-awaited report analyzing the effects of new LNG export projects, which was swiftly criticized by the energy industry.
EIA: Gulf Production Suffered from Eventful Hurricane Season
2024-12-17 - Oil and gas platforms under-produced in September and November, the Energy Information Administration reported.
Sources: LNG Pause Report Will Critique Sector on Prices, Environment
2024-12-16 - The Department of Energy study tied to the yearlong pause on LNG permits may be released as soon as Dec. 17.
What's Affecting Oil Prices This Week? (Dec. 16, 2024)
2024-12-16 - For the upcoming week, Stratas Advisors expect oil prices will move sideways with more downside risk than upside potential.
Venture Global’s Plaquemines LNG Starts Production
2024-12-14 - Venture Global LNG reached a final investment decision on the 20 million metric tons per annum Plaquemines facility 30 months ago.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.