bp and ADNOC form Egypt joint ventureADNOC and bp are forming a joint venture (JV) in Egypt which is expected to complete in the second half of 2024. The JV (51% bp, 49% ADNOC) will combine the pair’s technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio. bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. Musabbeh Al Kaabi, ADNOC Executive Director for low carbon solutions and international growth, said the tie up represents a significant step forward as the Abu Dhabi company builds its international natural gas portfolio. He said, “This progressive joint venture partnership will enhance Egyptian energy security and the economic potential of the region’s most populous Arab country.

Source: The North Africa Journal February 16, 2024 12:17 UTC