ADNOC and bp are forming a joint venture (JV) in Egypt which is expected to complete in the second half of 2024.
The JV (51% bp, 49% ADNOC) will combine the pair’s technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio.
bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. ADNOC will make a ‘proportionate’ cash contribution which can be used for future growth opportunities.
Musabbeh Al Kaabi, ADNOC Executive Director for low carbon solutions and international growth, said the tie up represents a significant step forward as the Abu Dhabi company builds its international natural gas portfolio.
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