bp and Abu Dhabi National Oil Company鈥檚 (ADNOC) international investment arm XRG announced Monday the financial close and launch of their new joint venture, Arcius Energy, a global natural gas platform.
Arcius Energy is 51% owned by bp and 49% by XRG, and was announced in February this year, according to two separate statements from both companies.
The new joint venture, initially to operate in Egypt, includes interests assigned by bp across two development concessions as well as exploration agreements, the statement added.
Commenting on the deal, Murray Auchincloss, chief executive of bp, said that Arcius Energy creates a dynamic new platform for international growth in natural gas in the region.
ADNOC, and now XRG, "can continue to build on bp鈥檚 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," Auchincloss added.
bp and its partners currently supply nearly 70% of Egypt's gas production through West and East Nile Delta projects.
By Handan Kazanci
Anadolu Agency
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