Arcius Energy, an affiliate of BP and ADNOC, has signed an acquisition agreement granting it full production and exploitation rights in the El Borg Offshore Concession in the Mediterranean Sea, which holds the Harmattan gas field. The deal was signed between the Egyptian Natural Gas Holding Company, Arcius Energy, Shell, and BP, with the agreement signing witnessed by Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and UAE Minister of Industry and Advanced Technology Sultan Al Jaber.
Arcius is a joint venture between BP, which holds a 51 percent stake, and XRG, ADNOC’s low-carbon energy, natural gas, and chemicals investment company, which holds the remaining 49 percent. When the company was formed in December 2024, it announced plans to initially focus on the development of gas assets in Egypt, positioning itself as a significant new player in the Mediterranean gas sector.
Source: offshore-energy.biz