bp, ADNOC enter partnership offshore Egypt

Feb. 15, 2024
bp and ADNOC have agreed to form a new joint E&P venture in Egypt to grow the pair’s gas portfolio.

Offshore staff

ABU DHABI, UAEbp 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.



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The installation of the Tamar platform was completed in December 2012 with the placement of several packages, the living accommodations and the vent boom.

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