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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.
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