BP and ADNOC's XRG Launch Arcius Energy Joint Venture in Egypt, BP Holds 51% Stake, Adding 7M Tonnes of Condensate

Dec 16, 2024, 08:31 AM

BP and Abu Dhabi National Oil Company’s (ADNOC) international investment arm XRG have announced the financial close and formation of their new joint venture, Arcius Energy. The joint venture, which was first announced in February 2024, will focus on developing natural gas assets in Egypt. BP will hold a 51% stake in Arcius Energy, while XRG will own the remaining 49%. This partnership marks a significant step in enhancing natural gas production and investment in the region.