General – New JV
bp and XRG announced they have reached financial close and completed the formation of their new joint venture and international natural gas platform – Arcius Energy.
Announced in February 2024, Arcius Energy is 51% owned by bp and 49% by XRG, ADNOC’s transformative investment company. The new joint venture will combine the pair’s deep technical capabilities and proven development track records as it aims to grow a highly competitive gas portfolio.
Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across two development concessions, as well as exploration agreements.
“Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region.”
