Egypt’s petroleum sector received a major boost as ARCIUS Energy, the joint venture between UAE’s ADNOC Group and the UK’s bp, unveiled ambitious plans to invest $3.7 billion in natural gas exploration and production over the next five years. Minister of Petroleum and Mineral Resources Karim Badawi discussed the expansion plans with ARCIUS CEO Naser Al Yafei, emphasizing that the ministry has recently implemented measures to encourage increased investment in Egypt.
A task force from the Egyptian Natural Gas Holding Company held a joint workshop with ARCIUS to coordinate cooperation and identify investment opportunities. The minister noted that ARCIUS views Egypt as a powerful regional launchpad within the natural gas sector and aims to strengthen cooperation and investment in the country. The commitment includes ARCIUS Energy’s recent finalization of a binding agreement in late 2025 to acquire the Harmattan gas and condensate field from Shell and bp.
This offshore development in the Eastern Mediterranean involves drilling up to three wells and installing a fixed platform, with first gas expected by early 2028 to bolster Egypt’s domestic supply. The substantial investment underscores growing international confidence in Egypt’s hydrocarbon sector and the country’s strategic position as a natural gas hub in the Eastern Mediterranean region. The agreement represents a significant vote of confidence in Egypt’s regulatory environment and its ability to attract major international energy players seeking to develop the country’s substantial natural gas resources.
Source: egyptoil-gas.com