LONDON (dpa-AFX) - BP PLC. (BP) announced on Wednesday that it has agreed to establish a joint venture with Adnoc, a diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi to develop gas assets in Egypt.
As part of the agreement, BP will contribute its interests in three development concessions and exploration projects in Egypt. Adnoc, on the other hand, will make a proportionate cash contribution for potential future growth opportunities.
The concessions to be included in the joint venture are Shorouk (operated by Belayim Petroleum), North Damietta, and North El Burg (operated by PhPC). Additionally, the exploration concession agreements encompass North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
Pending regulatory approvals and clearances, the formation of the joint venture is expected to be finalized in the second half of 2024.
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