BP and ADNOC build on more than 50 years of collaboration with new gas-focused joint venture

BP and ADNOC build on more than 50 years of collaboration with new gas-focused joint venture
February 15, 2024, by Melisa Cavcic
UK-headquartered energy giant BP and the UAE’s oil and gas heavyweight Abu Dhabi National Oil Company (ADNOC) have decided to take their long-standing partnership to a new level by establishing a new joint venture (JV), which will initially focus on the development of gas assets in Egypt.

This JV, comprising BP 51% and ADNOC 49%, will combine the pair’s technical capabilities to grow its gas portfolio. The UK player will contribute its interests in three development concessions and exploration agreements in Egypt to the new JV while the UAE giant will make a proportionate cash contribution which can be used for future growth opportunities. The formation of the incorporated JV, which is subject to regulatory approvals and clearances, is expected to be completed during 2H 2024.

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