Arcius Energy Takes Off: BP And XRG's Gas Power Play In Egypt

BP p.l.c. BP disclosed the financial close and completed formation of their new joint venture, Arcius Energy.

Formed in February 2024, Arcius Energy is 51% owned by BP and 49% by XRG, ADNOC’s investment company.

The joint venture will leverage both companies’ technical expertise and development experience to build a competitive gas portfolio.

Arcius Energy will initially operate in Egypt, incorporating BP-assigned interests in two development concessions and exploration agreements.

Murray Auchincloss, chief executive of bp, added, “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. ADNOC, and now XRG, is a trusted partner, who we have worked with successfully for over five decades.”

H.E. Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG said, “The formation of Arcius Energy marks an exciting new chapter in our long-standing partnership with bp, and fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio to meet rising global demand.”

“This progressive partnership will unlock a lower-carbon transition fuel to build a future where smarter, cleaner and more affordable energy is accessible for Egypt and the world.”

Investors can gain exposure to BP via Amplify ETF Trust Amplify Natural Resources Dividend Income ETF NDIV and Avantis International Large Cap Value ETF AVIV.

Price Action: BP shares are down 2.65% at $29.19 at the last check Monday.

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