{"id":615277,"date":"2024-02-15T00:00:00","date_gmt":"2024-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/15\/adnoc-bp-to-form-gas-jv-in-egypt\/"},"modified":"2024-02-15T00:00:00","modified_gmt":"2024-02-15T00:00:00","slug":"adnoc-bp-to-form-gas-jv-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/15\/adnoc-bp-to-form-gas-jv-in-egypt\/","title":{"rendered":"Adnoc, BP to form gas JV in Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Adnoc and BP team up on new gas JV in Egypt:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2023\/adnoc-and-bp-to-form-gas-joint-venture\/\" style=\"\" rel=\"noopener\">statement<\/a>. 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\u2019s expansion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The concessions: <\/strong>The JV will see BP add its wholly-owned North Damietta concession, 50% stake in North El Burg and 10% stake in Shorouk \u2014 which contains the Zohr field. BP will also add exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ownership: <\/strong>BP will own 51% of the JV \u2014 which is expected to be formed during the second half of this year \u2014 while Adnoc will own the remainder.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThis progressive joint venture partnership will enhance Egyptian energy security and its economic potential,\u201d said Adnoc\u2019s Executive Director for Low Carbon Solutions and International Growth Musabbeh Al Kaabi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A<\/strong><strong>dvisors:<\/strong>Matouk Bassiouny & Hennawy acted as Adnoc\u2019s local counsel and Gibson, Dunn & Crutcher acted as its international counsel, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/1456.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Norton Rose Fulbright was BP\u2019s international legal representative and Al Kamel Law Firm served as its local counsel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story got ink from <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-14\/bp-and-adnoc-form-gas-joint-venture-to-focus-on-egypt\" style=\"\" rel=\"noopener\">Bloomberg<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/adnoc-bp-form-egypt-gas-joint-venture-2024-02-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The JV is set to be established in 2H 2024<\/p>\n","protected":false},"author":1,"featured_media":615278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[1703,196,93,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-adnoc","tag-bp","tag-energy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"77f939ad-a204-4c44-ba13-bea2cc22b179","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1414.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc, BP to form joint venture for developing gas assets in Egypt","related_issue":[615270],"teaser":"The JV is set to be established in 2H 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.5b413db9-8eca-4f70-8a23-333c45ac50ce.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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It\u2019s almost-THURSDAY, but the news cycle is picking up pace for the last two days of the workweek. THE BIG STORY TODAYAdnoc and BP team up on new gas JV in Egypt: Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Gas-flare-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657225,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/bp-and-adnoc-have-more-appetite-for-egypt-energy-exploration\/","url_meta":{"origin":615277,"position":1},"title":"BP and Adnoc have more appetite for Egypt energy exploration","author":"enterpriseam admin","date":"17 December 2024","format":false,"excerpt":"The new platform will tap into BP\u2019s stakes in key gas assets","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1561.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584310,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/bp-adnoc-team-up-on-bid-for-newmed\/","url_meta":{"origin":615277,"position":2},"title":"BP, Adnoc team up on bid for NewMed","author":"enterpriseam admin","date":"29 March 2023","format":false,"excerpt":"The energy giants want a slice of EastMed gas exports","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/603.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542576,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/bp-eni-among-7-companies-to-land-new-oil-gas-exploration-blocks\/","url_meta":{"origin":615277,"position":3},"title":"BP, Eni among 7 companies to land new oil + gas exploration blocks","author":"enterpriseam admin","date":"4 January 2022","format":false,"excerpt":"Seven international energy companies have been awarded eight of the 24 oil and gas exploration blocks included in the government\u2019s bid round held last year, the Oil Ministry said in a statement yesterday. BP, Eni, Apex International, Energean Egypt, United Energy, Ukraine\u2019s INA Naftaplin, and Chile\u2019s Enap Sipetrol all received\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/43.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598784,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/dragon-oil-agrees-to-acquire-bps-gupco-assets\/","url_meta":{"origin":615277,"position":4},"title":"Dragon Oil agrees to acquire BP\u2019s GUPCO assets","author":"enterpriseam admin","date":"9 June 2019","format":false,"excerpt":"M&A WATCH- Dragon Oil agrees to acquire BP\u2019s Gulf of Suez assets: BP reached an agreement to divest its interests in Gulf of Suez oil concessions in Egypt to Emirates National Oil Company\u2019s (ENOC) subsidiary Dragon Oil, BP said in a statement. Under the terms of the agreement, which is\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/1\/2424.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577606,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/bp-gets-two-new-mediterranean-gas-blocks\/","url_meta":{"origin":615277,"position":5},"title":"BP gets two new Mediterranean gas blocks","author":"enterpriseam admin","date":"29 November 2022","format":false,"excerpt":"BP has been awarded gas exploration rights in two offshore blocks in the Mediterranean Sea, the company said in a statement (pdf). The oil and gas giant has now been awarded four blocks so far this year, along with a block extension, \u201cwhich offer the potential for gas discoveries that\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/473.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=615277"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615277\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615278"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615277"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615277"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}