Abu Dhabi’s financially backed group XRG and British oil and gas major BP have closed a deal to set up a new natural gas joint venture in Egypt. The new JV will be called Arcius Energy, 51% owned by BP and 40% by XRG, with Egypt as its main focus. In statements to the press, BP CEO Murray Auchincloss said, “Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region.” The British major indicated that Arcius Energy has been assigned a 10% interest in the Shorouk concession, entailing the giant offshore gas field Zohr, a 100% interest in the North Damietta concession, covering the producing Atoll field, and exploration concession agreements in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
At the same time, ADNOC veteran Naser Saif Al Yafei was appointed as Arcius’ chief executive. Al Yafei previously led the strategy, sustainability, and transformation group of ADNOC Gas. Arcius’ new CFO is Katerina Papalexandri, VP of gas and low-carbon energy growth at BP.
ADNOC CEO Sultan Al Jaber said in a statement that the JV “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.”
