Offshore staff
ABU DHABI, UAE — bp and ADNOC have agreed to form a new joint E&P venture in Egypt, owned 51% by bp and 49% by ADNOC. The main aim will be to grow the pair’s gas portfolio.
bp will contribute its interests in three development concessions and various exploration agreements, while ADNOC will make a proportionate cash contribution to be used for future growth opportunities.
Concessions included under the arrangement are:
• Shorouk (bp 10%), containing the producing deepwater Zohr Field operated by Belayim Petroleum (Petrobel);
• North Damietta (bp 100%), containing the producing Atoll Field operated by Pharaonic Petroleum Co.;
• North El Burg (bp 50%), containing the undeveloped Satis Field and also operated by Pharaonic Petroleum; and
• North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.
Subject to regulatory approvals, formation of the incorporated joint venture should go through in the second half of this year.
02.15.2024
