bp and ADNOC investment company XRG have completed the formation of their new international gas platform joint venture Arcius Energy.
Announced in February, Arcius Energy is 51% owned by bp and 49% by XRG. The new joint venture will combine the pair’s technical capabilities and proven development track record.
Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across two development concessions, as well as exploration agreements.
H.E. Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG, said Arcius Energy marks a new chapter in its long-standing partnership with bp, and fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a ‘world-scale integrated gas and chemicals portfolio’ to meet rising global demand.
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