ADNOC and bp have announced their plans to establish a new joint venture in Egypt, with bp holding a 51 percent stake and ADNOC owning 49 percent. The collaboration aims to leverage the technical expertise and successful track records of both companies to enhance their gas portfolio competitiveness.
Under the terms of the agreement, bp will contribute its interests in three development concessions and exploration agreements in Egypt to the JV, while ADNOC will provide a proportionate cash contribution for future growth initiatives.
Musabbeh Al Kaabi, ADNOC executive director for Low Carbon Solutions and International Growth, views the partnership with bp as a significant milestone in ADNOC’s expansion of its international natural gas portfolio. The JV is poised to bolster energy security in Egypt and contribute to the economic development of the region’s most populous Arab country. Al Kaabi expresses ADNOC’s commitment to exploring additional opportunities with bp to drive decarbonisation efforts and lead a sustainable energy transition.
William Lin, bp’s executive vice president of Regions, Corporates & Solutions, emphasises the JV as a platform for international growth that builds upon the longstanding partnership between bp and ADNOC spanning over five decades. The collaboration will draw on bp’s six decades of safe and efficient operations in Egypt to deliver secure, lower-carbon natural gas energy to the country.
The concessions to be included in the JV encompass key assets such as the Shorouk, North Damietta, and North El Burg fields, as well as exploration agreements for further development opportunities.
Pending regulatory approvals, the establishment of the JV is anticipated to be finalised in the second half of 2024, marking a significant milestone in the strategic partnership between ADNOC and bp.
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