Emirate of Abu Dhabi-owned ADNOC said the company along with oil and gas BP is on board to form Joint Venture (JV) in Egypt on Wednesday, with BP holding 51% and ADNOC holding 49%. The collaboration aims to combine both the firm’s technical capabilities to grow a highly competitive gas portfolio.
JV is expected to be completed during the second half of 2024 and initially focus on the development of gas assets in Egypt, said ADNOC. As part of the agreement, the company said, BP will contribute to three development concessions, as well as exploration agreements, in Egypt to the new JV where it will make cash contributions for future growth opportunities.
“ADNOC looks forward to continue exploring other opportunities as we collectively seek to decarbonize our operations and lead a just and equitable energy transition,” said Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth.
In late January, Gail India signed a 10-year agreement to purchase 0.5 million metric tons per annum (MMTPA) of liquefied natural gas (LNG) from ADNOC Gas, which will commence from 2026, to strengthen the cultural and economic bonds between India and United Arab Emirates (UAE).
The diversified energy and petrochemicals firm was formed in 1971 which is wholly owned by the Abu Dhabi Government. The firm specializes in the production of energy as well as focus in development and innovation on technology for the production of Green Energy.
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