ADNOC, bp agree to form new joint venture in Egypt

ADNOC and bp have agreed to form a new joint venture (JV) in Egypt.

Report informs via bp that the JV (51% bp and 49% 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.

Concessions to be included in the JV:

Shorouk (bp 10% interest, contains the producing Zohr field) operated by Belayim Petroleum (Petrobel)
North Damietta (bp 100% interest, contains the producing Atoll field) operated by Pharaonic Petroleum Company (PhPC)
North El Burg (bp 50% interest, contains the undeveloped Satis field) operated by PhPC
North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.