bp, ICorr Corporate member and XRG today announced they have reached financial close and completed formation of their new joint venture and international natural gas production and marketing 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 record.

ADNOC and bp are founding members of the Oil and Gas Decarbonisation Charter (OGDC). Launched during COP28 in Dubai, the OGDC is a global commitment to speed up climate action across the energy industry.

Together with its partners, bp currently 
produces around 70% of Egypt’s gas through 
its gas development projects in the West and East Nile Delta.

XRG is a transformative international energy investment company, focused on lower-carbon energy and chemicals, and headquartered in Abu Dhabi. Wholly owned by ADNOC.

For more information about Arcius Energy visit www.arciusenergy.com

Source: bp Press Release

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