BP, Adnoc to Form Egypt-Focused Gas Joint Venture

By Christian Moess Laursen

BP said it has agreed to form a joint venture with Abu Dhabi National Oil Company to explore and develop gas assets in Egypt, deepening the more than 50 year-long relationship between the two.

The British oil-and-gas giant said Wednesday that it will contribute its interests in three Egyptian development assets--Shorouk, North Damietta and North El Burg--as well as exploration agreements to the venture, while Adnoc will make a proportionate cash contribution to be used for growth opportunities.

"This dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with Adnoc," BP executive vice president of regions, corporates & solutions, William Lin, said.

The energy company currently produces around 70% of Egypt's gas through its gas development projects in the West and East Nile Delta.

The formation of the joint venture--in which BP will have a 51% stake--is expected to complete in the second half of the year, subject to regulatory approvals.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

02-14-24 0452ET