ADNOC & bp to form gas joint venture in Egypt

ADNOC & bp to form gas joint venture in Egypt

ADNOC and bp have agreed to form a new joint venture (JV) in order to initially focus on the development of gas assets in Egypt. The JV (51 percent bp and 49 percent ADNOC) will combine the pair’s deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio. […]ADNOC and bp have agreed to form a new joint venture (JV) in order to initially focus on the development of gas assets in Egypt.

The JV (51 percent bp and 49 percent ADNOC) will combine the pair’s deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio.

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.

Musabbeh Al KaabiExecutive Director,Low carbon solutions & International growth,ADNOC

“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