{"id":89076,"date":"2024-02-15T00:00:00","date_gmt":"2024-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/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\/uae\/2024\/02\/15\/adnoc-bp-to-form-gas-jv-in-egypt\/","title":{"rendered":"Adnoc, BP to form gas JV in Egypt"},"content":{"rendered":"

Adnoc and BP team up on new gas JV in Egypt:<\/strong> State-owned Abu Dhabi National Oil Company (Adnoc) and UK energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt, according to an Adnoc 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

The concessions: <\/strong>The JV will see BP add its wholly-owned North Damietta concession, as well as its 50% share in North El Burg, and 10% share 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

Fast fact:<\/strong> Zohr, the Mediterranean\u2019s largest-ever gas find, accounts for some 38% of Egypt\u2019s gas output. The discovery of the field in 2018 allowed the country to pull the plug on gas imports<\/a> and turned it into a net natural gas exporter.<\/p>\n

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

Advisors:<\/strong> Egypt\u2019s Matouk Bassiouny & Hennawy acted as Adnoc\u2019s local counsel and Gibson Dunn & Crutcher acted as its international counsel, according to a statement (pdf)<\/a>. Norton Rose Fulbright was BP\u2019s international legal representative and Al Kamel Law Firm served as its local counsel. <\/p>\n

Timeline: <\/strong>The JV should be set up during 2H 2024, according to the statement.<\/p>\n

The story got ink<\/strong> in Bloomberg<\/a> and Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The JV is set to be established in 2H 2024, where BP will own 51%<\/p>\n","protected":false},"author":1,"featured_media":89077,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1604],"tags":[57,872,143,7,873,25,266],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-adnoc","tag-bp","tag-energy","tag-enterpriseam-uae","tag-gibson-dunn","tag-investment-watch","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"9fd335ef-2113-4b8c-9749-0ac62362768a","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":[89070],"teaser":"The JV is set to be established in 2H 2024, where BP will own 51%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.4a80f1f6-8eb2-4090-ac0c-dce2a5d492eb.mp3"},"yoast_head":"\nAdnoc, BP to form gas JV in Egypt - 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