(Ian Silverman, Energy Analytics Institute, 16.Dec.2024) — bp and XRG reached financial close and completed formation of their new joint venture (JV) and international natural gas platform – Arcius Energy, announced in Feb. 2024.
The JV will combine bp’s and XRG’s deep technical capabilities and proven development track records as it aims to grow a highly competitive gas portfolio, bp announced 16 Dec. 2024 in an official statement.
Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across 2 development concessions, as well as exploration agreements.
In Egypt, the concessions assigned to Arcius Energy include:
— Shorouk (bp 10% WI), which contains the producing Zohr field, which is operated through Belayim Petroleum (Petrobel);
— North Damietta (bp 100% WI), which contains the producing Atoll field, which is operated through Pharaonic Petroleum Company (PhPC); as well as
— The exploration concession agreements: North El Tabya, Bellatrix-Seti East and North El Fayrouz.
Together with its partners, bp currently produces around 70% of Egypt’s gas through its gas development projects in the West and East Nile Delta.
Arcius Energy is 51% owned by bp and 49% by XRG, ADNOC‘s transformative investment company.
ADNOC and bp are founding members of the Oil and Gas Decarbonization Charter (OGDC). Launched during COP28 in Dubai, the OGDC is a global commitment to speed up climate action across the energy industry.
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By Ian Silverman reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
