Sunday 22 Dec
BP and XRG today, Monday announced the formation of Arcius Energy, a new regional natural gas platform. This joint venture, in which BP holds a 51% stake and XRG (an ADNOC-owned investment company) holds 49%, leverages the strategic partnership between BP and ADNOC, which spans five decades.
Arcius Energy will initially focus on Egypt, utilizing BP's existing assets in two development concessions and several exploration licenses. The company aims to develop a competitive gas portfolio by combining BP's technical expertise with XRG's investment acumen.
On this occasion, His Excellency Dr. Sultan Ahmed Al Jaber,
Group CEO of XRG, stated: "Aligned with our leadership's vision for
fostering cooperation and strategic partnerships that ensure energy resources
for sustainable economic growth, the establishment of Arcius Energy marks a
significant milestone in our enduring strategic partnership with BP. This
strategic move aligns perfectly with XRG's objectives: to execute high-quality
investments within the global energy system and cultivate an integrated portfolio
that addresses the escalating global demand for low-carbon energy and
chemicals. We are confident that this partnership will contribute to providing
low-carbon energy solutions, thereby fostering a sustainable future for the
Arab Republic of Egypt and the wider region."
For his part, Murray Auchincloss, CEO of BP, remarked: "Arcius
Energy signifies a joint venture that leverages the combined strengths and
expertise of BP and ADNOC, establishing a new platform to support international
growth within the regional natural gas sector. Through XRG, ADNOC has proven
to be a trusted partner, with whom we share a successful and longstanding
relationship spanning over five decades.
Building upon BP's technical expertise spanning more than 60
years, we look forward to continued cooperation and collaborative efforts to
implement high-efficiency projects in Egypt. These projects offer promising
opportunities to develop a competitive gas portfolio within the region."
The executive management of Arcius Energy comprises Nasser Saif Al Yafei from ADNOC, who will serve as CEO, and Katerina Papalksandri from BP, who will serve as Chief Financial Officer. Both executives bring extensive experience within the energy sector.
