15-02-2024
ADNOC and bp to form gas joint venture
ADNOC and bp today announce that they have agreed to form a new joint venture (JV) in Egypt. The JV will combine the pair’s deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio.
As part of the agreement, 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: “Today’s announcement with bp represents a significant step forward as ADNOC builds its international natural gas portfolio. This progressive joint venture partnership will enhance Egyptian energy security and the economic potential of the region’s most populous Arab country. Building on our long-standing strategic partnership with bp, ADNOC looks forward to continue exploring other opportunities as we collectively seek to decarbonize our operations and lead a just and equitable energy transition.”
bp’s William Lin, Executive Vice President of Regions, Corporates & Solutions, said: “This dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with ADNOC that spans over five decades. Together, we will build on the 60 years of safe and efficient operations of bp and its partners in Egypt, and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the country.”
Concessions to be included in the JV:
• Shorouk (bp 10% interest, contains the producing Zohr field) operated by Belayim Petroleum (Petrobel);
• North Damietta (bp 100% interest, contains the producing Atoll field) operated by Pharaonic Petroleum Company (PhPC);
• North El Burg (bp 50% interest, contains the undeveloped Satis field) operated by PhPC;
• North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.
Subject to regulatory approvals and clearances, the formation of the incorporated JV is expected to complete during the second half of 2024.
News Category:
-
Seeq and AVEVA partner to provide enterprise data management services, Analytics and AI
Seeq, a global leader in industrial analytics, AI, and enterprise monitoring, today announced a strategic partnership with AVEVA, a global leader in industrial software. ...
16-10-2024
-
Clariant and DS Dansuk sign MOU on Tonsil™ RNF production for HVO/SAF
Clariant, a sustainability-focused specialty chemical company, today hosted a MOU signing ceremony with its customer DS Dansuk at its Pohang production site in Korea ...
15-10-2024
-
ADNOC announces acquisition of Fertiglobe
Fertiglobe, today announced the successful completion of Abu Dhabi National Oil Company’s acquisition of OCI Global’s entire 50% +1 share stake in Fertiglobe. Having ...
15-10-2024
-
Graham Corporation launches NextGen steam ejector nozzle
Graham Corporation, a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy ...
15-10-2024
-
aker Hughes, Repsol to develop next generation digital capabilities through Leucipa™
Baker Hughes, an energy technology company, and Repsol, a global multi-energy company, announced Monday a new agreement to collaboratively develop and deploy next-generation ...
14-10-2024
-
KBR awarded engineering and procurement services contract for Manatee project
KBR announced today it has been awarded an engineering and procurement services contract for the Beachfield Manatee upgrade, the onshore portion of the Manatee gas field ...
14-10-2024
-
NEXTCHEM to upgrade hydrogen production unit at Binh Son Refining
MAIRE announces that NEXTCHEM, through its subsidiary KT Tech, hydrogen technologies licensor, has been awarded by Binh Son Refining and Petrochemical Joint Stock Company ...
10-10-2024
-
INEOS Energy start-up of compression for Breagh field
INEOS Energy today announced the start-up of the electric-driven compressor at the Teesside Gas Processing Plant, which will significantly boost gas flows from the INEOS ...
10-10-2024
-
Qualcomm Technologies, Inc. and Honeywell today announced an expanded collaboration to develop artificial intelligence (AI)-powered intelligent solutions for the energy ...
09-10-2024
-
Vertex Energy announces successful startup of mobile refinery hydrocracker in conventional service
Vertex Energy Inc, a leading specialty refiner and marketer of high-quality refined products, today announced the successful start-up of the Mobile, Alabama refinery ...
09-10-2024