BP, Adnoc’s XRG launch Arcius Energy: BP and the Abu Dhabi National Oil Company’s (Adnoc) investment arm, XRG, finalized the establishment of Arcius Energy, a joint venture aimed at expanding natural gas operations in Egypt, according to a joint press release (pdf). With BP holding 51% and XRG 49%, Arcius will kick off its operations in Egypt before expanding elsewhere.

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What’s the plan? The new platform will tap into BP’s stakes in key gas assets, including the Zohr field in the Shorouk concession (10%), the Atoll field in North Damietta (100%), and exploration areas in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.

Leadership moves: Arcius Energy has named Adnoc’s sustainability and strategy VP, Naser Saif Al Yafei, as CEO and BP’s VP for gas and low carbon energy growth, Katerina Papalexandri as CFO, bringing their expertise from their roles at the two energy giants..

What they said: “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,” XRG Executive Chair and Adnoc CEO Sultan Al Jaber said.

We’ve been waiting for a while now: Both companies agreed in February to form a JV that targets the development of natural gas assets in Egypt.

The story caught the attention of the international press: Reuters.

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