Wedoany.com Report-Nov. 7, Arcius Energy, a joint venture of the UK’s BP and the UAE’s ADNOC, has secured exploration and production rights in the Mediterranean Sea offshore Egypt. The acquisition agreement covers the El Borg Offshore Concession, which includes the Harmattan field, and was signed by Arcius Energy, Shell, BP, and the Egyptian Natural Gas Holding Company (EGAS).

The signing ceremony was attended by Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, and Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC. Arcius Energy, formed in December 2024, combines BP’s 51% stake with XRG, ADNOC’s low-carbon energy, natural gas, and chemicals investment company, holding the remaining 49%.

The agreement grants Arcius Energy full production and exploitation rights in the concession, marking a strategic step in its focus on gas asset development in Egypt. The deal is expected to support the expansion of natural gas production in the Mediterranean region while strengthening collaboration between international energy partners and the Egyptian government.

The Harmattan field within the El Borg Offshore Concession represents a key asset for Arcius Energy’s regional growth strategy. The agreement underlines Egypt’s continued efforts to attract international investment and develop its offshore energy resources.

By enabling production and exploitation rights for a major field, the partnership aims to contribute to energy supply security in the region. The deal also reflects the ongoing trend of international energy companies forming joint ventures to share expertise, technology, and investment in gas exploration and production.

Arcius Energy’s formation and subsequent acquisition illustrate the focus on expanding low-carbon and conventional gas operations in strategic locations. The company plans to leverage its joint venture structure to optimize exploration and production activities, ensuring operational efficiency and long-term resource development.

The agreement also demonstrates a coordinated approach between government authorities and private energy investors, with the presence of Egypt’s petroleum minister and ADNOC leadership highlighting the importance of international cooperation in the energy sector.

Overall, the deal positions Arcius Energy to play a significant role in Egypt’s offshore gas sector, aligning with broader regional goals of expanding energy production and fostering partnerships between international and domestic energy stakeholders. The Harmattan field acquisition is expected to contribute to the company’s growth, technology deployment, and regional energy development strategy while supporting sustainable and efficient gas production operations.

This milestone represents a key step in Arcius Energy’s operational roadmap, establishing a foundation for future exploration, production optimization, and strategic energy investment in the Mediterranean basin.