bp, ADNOC enter partnership offshore Egypt

Offshore staff

ABU DHABI, UAE — bp and ADNOC have agreed to form a new joint E&P venture in Egypt, owned 51% by bp and 49% by ADNOC. The main aim will be to grow the pair’s gas portfolio.

bp will contribute its interests in three development concessions and various exploration agreements, while ADNOC will make a proportionate cash contribution to be used for future growth opportunities.

Concessions included under the arrangement are:

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