XRG, ADNOC’s international investment company for lower-carbon energy and chemicals, has partnered with BP to launch a new natural gas joint venture in Egypt, named Arcius Energy. BP holds a 51 per cent stake, while XRG owns 49 per cent. The partnership combines their technical expertise and development success to build a competitive gas portfolio.
ADNOC appointed Naser Saif Al Yafei as CEO of Arcius Energy, while BP named Katerina Papalexandri as CFO.
Arcius will begin operations in Egypt, managing interests assigned by BP, including a 10 per cent stake in Shorouk, home to the Zohr field operated by Eni, and full ownership of North Damietta, which hosts the Atoll field operated by the Pharaonic Petroleum Company. It also holds exploration agreements for North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
Dr Sultan Ahmed Al Jaber, Executive Chairman of XRG, said the venture aligns with XRG’s goal of creating a large-scale integrated gas and chemicals portfolio to meet growing global energy demand. Murray Auchincloss, CEO of BP, highlighted the collaboration as a platform for regional gas growth, building on BP’s six decades of expertise in Egypt.
XRG, valued at over $80B, aims to double its asset value in the next decade by leveraging demand for low-carbon energy and chemicals, driven by energy transformation, AI’s rapid growth, and emerging economies.
