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Arcius Energy finalized the agreement to acquire the Harmattan gas and condensate field in Egypt’s Eastern Mediterranean, securing full rights in the El Burg offshore concession from Shell and BP, according to a press release (pdf). The company will take over all obligations and development rights for the field. The transaction value was not disclosed.
The development plan includes drilling up to three wells, installing a fixed offshore platform, and building a 50 km pipeline to onshore processing facilities near Port Said. First gas from Harmattan is expected in 2028.
BACKGROUND- Arcius was in advanced negotiations to acquire Shell’s 50% stake in Egypt’s Harmattan back in March. In December, BP and Shell signed an agreement with the Egyptian Natural Gas Holding Company (EGAS) to begin production at Harmattan by 1Q 2026, with initial investments estimated at USD 370 mn. It’s expected to produce 125 mn cubic feet of gas and 3.3k barrels of condensate daily.
Arcius is a JV establishedin December between BP, with a 51% stake, and Adnoc’s investment arm XRG, which owns 49%. Its concessions in Egypt include a 10% stake in the Shorouk offshore concession and full ownership of the North Damietta concession. The company also holds exploration rights in North Tabya, Bellatrix City East, and North Fayrouz.
!_ SubHed_! OTHER OIL AND GAS NEWS-
Mubadala eyes next year for FID on Indonesia’s gas: Mubadala Energy is targeting a June 2026 final investment decision for Indonesia’s Tangkulo-1 gas development in the Andaman Sea, with a plan of development slated for 4Q 2025 and first gas forecast for 4Q 2028, Wam reports. The project is moving ahead of schedule as front-end engineering design and long-lead item contracting advance.
Offtake already secured: Mubadala signed an initial agreement to provide 200 mn standard cubic feet per day (mcf/d) of gas to Indonesian state fertilizer producer Pupuk Indonesia in May. Supply will reach Pupuk’s projects once production at Mubadala’s South Andaman Block kicks off.
SOME CONTEXT- Mubadala reported a gas discovery from its Tangkulo-1 exploration well in South Andaman in May last year. The site has 47 mn cubic feet in prospective gas resources, and 1.3k barrels of condensate, with its estimated capacity expected to sit between 80-100 mn cubic meters. This marks the company’s second deepwater find in South Andaman, following one at the Layaran-1 well in December of last year. Mubadala Energy holds the largest net acreage in South Andaman, with an 80% working interest.
