Arcius Energy: A New Frontier for Gas Development in Egypt
In an exciting development for the energy sector, XRG, the energy investment arm of ADNOC, has teamed up with bp to launch Arcius Energy, a regional gas platform poised to strengthen Egypt’s energy landscape and support broader economic growth. This initiative comes at a crucial time as global demand for natural gas continues to rise, making the establishment of a robust development platform not only timely but essential.
Arcius Energy’s primary focus will be on natural gas growth, strategically positioning itself to meet the increasing regional demand. The platform will oversee significant assets, including the Shorouk concession, which features the highly productive Zohr field where bp holds a 10% interest. Additionally, it encompasses the North Damietta concession (100% interest), home to the producing Atoll field, and several exploration agreements for North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
The new venture is structured with bp holding 51% ownership while XRG retains 49%. The leadership team will consist of Naser Saif Al Yafei from ADNOC as CEO and Katerina Papalexandri from bp as CFO. Their combined expertise is expected to drive the platform towards achieving exceptional operational efficiency and collaboration in gas production.
H.E. Dr. Sultan Ahmed Al Jaber, the executive chairman of XRG, shared his enthusiasm for the partnership, stating, “The formation of Arcius Energy marks an exciting new chapter in our long-standing collaboration with bp. This aligns perfectly with our objectives to accelerate the transformation of energy systems and create a world-scale integrated gas and chemicals portfolio that caters to rising global demand. Our partnership will facilitate the transition to lower-carbon fuels, paving the way for cleaner and more affordable energy solutions for both Egypt and the globe.”
bp CEO Murray Auchincloss echoed Dr. Al Jaber’s sentiments, emphasizing the strength of their joint efforts: “Arcius Energy combines the strengths of both companies to create a vibrant platform for international growth in natural gas. This project is a natural extension of bp’s 60 years of technical expertise and commitment to safe and efficient operations in Egypt, which stands as a beacon for new opportunities in gas development across the region.”
Currently, bp and its partners contribute to approximately 70% of Egypt’s gas production through various projects concentrated in the West and East Nile Delta. The establishment of Arcius Energy is expected to further enhance these efforts, setting the stage for a sustainable energy future in Egypt.
With the energy sector evolving rapidly, the launch of Arcius Energy not only highlights the increasing importance of collaboration between regional and international companies but also signals a forward-thinking approach to meeting energy needs in an environmentally conscious manner. The world will be watching closely as this partnership seeks to lead in the development of clean energy solutions and contributes to sustainable economic growth.
Tags: #Egypt #GasDevelopment #EnergyNews #Partnerships #Sustainability
