Abu Dhabi National Oil Company (ADNOC) and BP will form a new joint venture (JV) in Egypt in the second half of this year focusing on natural gas, the two energy companies announced Wednesday.
BP will have a 51% stake, while ADNOC will have 49% in the JV in the gas-rich North African country. The transaction is expected to close in the second half of 2024, subject to regulatory conditions.
Together with its partners, BP currently produces around 70% of Egypt’s gas through its development projects in the west and east Nile Delta. Much of this is produced through a joint venture with the Pharaonic Petroleum Company (PhPC) and Petrobel in the eastern Nile Delta as well as through west Nile Delta gas development, which it operates solely as BP.
BP said Wednesday it would contribute its interests in three development concessions and exploration agreements in Egypt to the JV.
