Joint Venture Between BP and ADNOC Reaches Final Investment Decision on Egypt's Harmattan Offshore Gas Project

Deep News04-02 20:40

The joint venture Arcius Energy, formed by BP PLC and Abu Dhabi National Oil Company (ADNOC), has made a final investment decision to develop the Harmattan gas field located within the El Burg Offshore concession area in Egypt.

The investment is estimated at approximately $500,000 and represents one of Arcius's initial projects in Egypt, aimed at boosting natural gas production to support domestic demand.

This decision follows Arcius's acquisition of the El Burg Offshore concession in February 2026. The project is being advanced in collaboration with Egyptian Natural Gas Holding Company (EGAS).

As part of the execution phase, Pharaonic Petroleum Company, acting on behalf of El Burg Offshore Petroleum Company, has awarded the engineering, procurement, construction, and installation contract to ENPPI. Petroleum Marine Services and Petrojet are participating as subcontractors.

Arcius CEO Naser Al Yafei stated, "The final investment decision for the development of the Harmattan field marks a significant milestone toward production for one of our first projects in Egypt. This reflects our confidence in the potential of Egypt's energy sector and our commitment, through close collaboration with the Egyptian government, EGAS, and our execution partners, to enhance Egypt's natural gas supply, support energy security, and reinforce Egypt's position as an energy hub in the Eastern Mediterranean region."

Arcius was established in 2024 as a joint venture between BP PLC and ADNOC's investment arm, XRG, focusing on developing natural gas assets in Egypt and the wider Eastern Mediterranean region.

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This reflects our confidence in the potential of Egypt's energy sector and our commitment, through close collaboration with the Egyptian government, EGAS, and our execution partners, to enhance Egypt's natural gas supply, support energy security, and reinforce Egypt's position as an energy hub in the Eastern Mediterranean region.\"\nArcius was established in 2024 as a joint venture between BP PLC and ADNOC's investment arm, XRG, focusing on developing natural gas assets in Egypt and the wider Eastern Mediterranean region.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.39.0","shortVersion":"4.39.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1130691682","isCrawlerRequest":true}