BP will contribute its interests in three development concessions, as well as exploration agreements and ADNOC will make a cash contribution to fund growth opportunities
ADNOC and BP will form a new joint venture (JV) to develop gas assets in Egypt, BP will own 51% of the JV and ADNOC will own 49% of the JV. The JV is expected to be completed during the second half of 2024.
Through the new JV, BP will contribute its interests in three development concessions, as well as exploration agreements and ADNOC will make a cash contribution to fund growth opportunities, according to the press statement which did not state a value.
The concessions that will be included in the JV are: Shorouk that is operated by Belayim Petroleum, North Damietta operated by Pharaonic Petroleum Company (PhPC), North El Burg operated by PhPC, North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.
Egypt is liquefied natural gas supplier to Europe through export plants on the its Mediterranean coast. Due to Europe's quest to substitute Russian pipeline gas following the Ukraine conflict, Egypt directed a significant share of its liquefied natural gas (LNG) exports, accounting for 80% of the total, to the European market in 2022.
