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Abu Dhabi`s XRG, bp create shared project for gas in Egypt
(MENAFN) Bp and Abu Dhabi National Oil Company’s (ADNOC) international investment arm XRG reported on Monday that the financial close and initiation of their recent shared project, Arcius Energy, a world-wide natural gas provider.
Arcius Energy which was made public in February this year according to two different announcements, is 51% owned by bp and 49% by XRG.
the statement announced that The recent shared project, which will operate in Egypt as a beginning, incorporates profits determined by bp through two improvement concessions and probe settlements.
Head executive of bp, Murray Auchincloss, said as she commented on the deal that Arcius Energy makes a vigorous fresh podium for the worldwide progress in the area.
Auchincloss also noted that both ADNOC and XRG 'can continue to build on bp’s 60 years of technical expertise and delivery of safe and efficient operations in Egypt - a hub for new opportunities to build out a highly competitive gas portfolio in the region.'
As bp act as a mediator to provide West as well as East Nile Delta projects with almost 70 percent supply of Egyptian gas production.
Arcius Energy which was made public in February this year according to two different announcements, is 51% owned by bp and 49% by XRG.
the statement announced that The recent shared project, which will operate in Egypt as a beginning, incorporates profits determined by bp through two improvement concessions and probe settlements.
Head executive of bp, Murray Auchincloss, said as she commented on the deal that Arcius Energy makes a vigorous fresh podium for the worldwide progress in the area.
Auchincloss also noted that both ADNOC and XRG 'can continue to build on bp’s 60 years of technical expertise and delivery of safe and efficient operations in Egypt - a hub for new opportunities to build out a highly competitive gas portfolio in the region.'
As bp act as a mediator to provide West as well as East Nile Delta projects with almost 70 percent supply of Egyptian gas production.
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