Adnoc and BP team up on new gas JV in Egypt: Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt, Adnoc announced in a statement. BP will bring the stakes it owns in three development concessions to the JV, as well as exploration concessions, while Adnoc will provide funds to support the venture’s expansion.

The concessions: The JV will see BP add its wholly-owned North Damietta concession, 50% stake in North El Burg and 10% stake in Shorouk — which contains the Zohr field. BP will also add exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.

Ownership: BP will own 51% of the JV — which is expected to be formed during the second half of this year — while Adnoc will own the remainder.

What they said: “This progressive joint venture partnership will enhance Egyptian energy security and its economic potential,” said Adnoc’s Executive Director for Low Carbon Solutions and International Growth Musabbeh Al Kaabi.

Advisors:Matouk Bassiouny & Hennawy acted as Adnoc’s local counsel and Gibson, Dunn & Crutcher acted as its international counsel, according to a statement (pdf). Norton Rose Fulbright was BP’s international legal representative and Al Kamel Law Firm served as its local counsel.

The story got ink from Bloomberg and Reuters.

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