BP, ADNOC to form gas joint venture in Egypt - Breaking The News

BP, ADNOC to form gas joint venture in Egypt

14 February

1 min read

EPA-EFE/NEIL HALL

BP plc and the Abu Dhabi National Oil Company (ADNOC) announced on Wednesday that they are forming a joint venture for gas exploration in Egypt. The incorporated joint venture is expected to be established during the second half of 2024, with BP owning 51% and ADNOC 49%.

The companies said BP will contribute its interests in three development concessions and exploration agreements in Egypt, while ADNOC will make a "proportionate cash contribution." They added that the venture will "combine the pair’s deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio."

gas natural gas bp adnoc

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