BP and Adnoc form a 51%-49% joint venture for natural gas production in Egypt.

BP and the Abu Dhabi National Oil Company (Adnoc) have agreed to form a joint venture to focus on natural gas production in Egypt. The joint venture, which will be 51% owned by BP and 49% by Adnoc, aims to strengthen Egypt's position in the global natural gas market and enhance Egyptian energy security. BP will transfer its interests in three gas fields and exploration rights to the joint venture, which is expected to be established in the second half of 2024. Adnoc will make a proportionate cash contribution for future growth opportunities.

February 14, 2024
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