ADNOC forms JV with bp to boost Egypt’s gas development

ADNOC and BP have announced plans to establish a new JV in Egypt, marking a significant step in the development of the country’s gas assets.

The JV, which will be 51% owned by bp and 49% by ADNOC, will leverage the companies’ extensive technical expertise.

Initially, the JV will encompass bp’s interests in three development concessions and several exploration agreements within Egypt.

ADNOC’s contribution to the JV will be a cash investment, which will support future growth initiatives.

ADNOC low carbon solutions and international growth executive director Musabbeh Al Kaabi 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.”