Minister of Petroleum and Mineral Resources Karim Badawi has met with Nasser Saif Al-Yafei, CEO of ARCIUS Energy, to discuss expanding the partnership in natural gas exploration and production in Egypt’s Mediterranean region.
ARCIUS Energy, a joint venture between BP and ADNOC’s subsidiary XRG, has its investment portfolio focused on the Egyptian market. Al-Yafei stated that the company’s operations in Egypt are progressing very well according to set timelines and affirmed the company’s interest in developing a plan to expand its investments in the Egyptian market, which represents a top priority for the firm.
Badawi emphasized the strong and longstanding relations between Egypt and the UAE, noting that cooperation in the energy sector is a key pillar in strengthening these ties. He highlighted the continued growth of Emirati investments in Egypt’s oil and gas exploration and production fields.
In August, the Egyptian Natural Gas Holding Company signed a deal with ARCIUS Energy to invest about 109 million dollars in the North Damietta offshore area of the Mediterranean Sea. ARCIUS Energy holds 100 percent interest in the North Damietta area, which includes the Atoll field, and also holds a 10 percent interest in the Shorouk concession area containing the giant Zohr field. Additionally, the company manages BP’s exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
Source: egyptoil-gas.com