As part of the agreement, bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV.
ADNOC will make a proportionate cash contribution which can be used for future growth opportunities.
M. Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said:
- today’s announcement with bp represents a significant step forward as ADNOC builds its international natural gas portfolio;
- this progressive joint venture partnership will enhance Egyptian energy security and the economic potential of the region’s most populous Arab country;
- building on our long-standing strategic partnership with bp, ADNOC looks forward to continue exploring other opportunities as we collectively seek to decarbonize our operations and lead a just and equitable energy transition.
- this dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with ADNOC that spans over five decades;
- together, we will build on the 60 years of safe and efficient operations of bp and its partners in Egypt, and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the country.
Concessions to be included in the JV:
- Shorouk (bp 10% interest, contains the producing Zohr field) operated by Belayim Petroleum (Petrobel);
- North Damietta (bp 100% interest, contains the producing Atoll field) operated by Pharaonic Petroleum Company (PhPC);
- North El Burg (bp 50% interest, contains the undeveloped Satis field) operated by PhPC;
- North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.
