Abu Dhabi National Oil Co. (Adnoc) and BP plc are creating a joint venture (JV) focused on Egyptian natural gas production as conflict in Israel and Palestine continues to pressure Eastern Mediterranean energy exports.

The new JV, majority-owned by BP (51%), would include the London-based major’s interest in three offshore development concessions, as well as exploration agreements for other Egyptian concessions. Adnoc agreed to make proportional cash contributions.

“Together, we will build on the 60 years of safe and efficient operations of BP and its partners in Egypt, and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the country,” said BP’s William Lin, executive vice president of Regions, Corporates and Solutions.

[© 2024 Natural Gas Intelligence. All rights reserved.

ISSN © 1532-1231  |  ISSN © 2577-9877  |  ISSN © 1532-1266  |  ISSN © 2158-8023  | 

Related topics: Bp chevron Egypt Europe Israel Leviathan

@jd_journalism

email jacob.dick@naturalgasintel.com