BP and ADNOC’s JV pouring $500 million to bring Egyptian gasoline project to lifestyles

marketwatchinvestor Team April 4, 2026

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Dwelling Fossil Vitality BP and ADNOC’s JV pouring $500 million to bring Egyptian gasoline project to lifestyles

April 3, 2026,
by

Melisa Cavcic

Arcius Vitality, an affiliate of the UK-headquartered BP and the UAE-primarily based ADNOC’s XRG, has made a remaining investment decision (FID) for a natural gasoline arena off the waft of Egypt.

With the closing investment decision now out of the method, Arcius Vitality plans to develop the Harmattan gasoline arena within the El Burg Offshore concession save, which is considered as a essential step in the direction of executing one among its first projects in Egypt. The firm will make investments roughly half of a thousand million dollars into this project to abet strengthen and amplify natural gasoline manufacturing to meet home market wants.

As portion of the execution portion, Pharaonic Petroleum Company (PhPC), appearing on behalf of El Burg Offshore Petroleum Company, awarded the engineering, procurement, construction, and installation (EPCI) contract to ENPPI, with Petroleum Marine Companies and Petrojet collaborating as subcontractors.

Arcius Vitality signed the Harmattan scope execution contract with its companions, PhPC and ENPPI, witnessed by its CEO, Egyptian Natural Gasoline Holding Company (EGAS), BP, and XRG, underscoring sturdy collaboration throughout companions and stakeholders because the firm moves into the next portion of project transport. Courtesy of Arcius Vitality

The firm purchased the El Burg Offshore concession save in February 2026 in collaboration with Egyptian Natural Gasoline Holding Company (EGAS). BP (51%) and XRG (49%), ADNOC’s global vitality investment firm, established Arcius in December 2024 as a regional gasoline platform centered before every part put on the come of gasoline sources in Egypt and the wider Eastern Mediterranean.

The firm holds collaborating interests in concession agreements in Egypt, including 10% of Shorouk, which contains the producing Zohr arena; 100% of North Damietta that entails the producing Atoll and Qattameya fields; 100% of El Burg Offshore with the Harmattan arena; 100% of the North El Tabya exploration concession, and 50% of the Bellatrix–Seti East and North El Fayrouz exploration concessions.

Naser Al Yafei, Chief Executive Officer of Arcius, commented: “The closing investment decision to develop the Harmattan arena marks a essential milestone in advancing one among our first projects in Egypt in the direction of manufacturing.

“It shows our self belief within the opportunity of Egypt’s vitality sector and our dedication to discontinuance cooperation with the Egyptian authorities, EGAS, and our execution companions to toughen Egypt’s natural gasoline offer, strengthen vitality security, and enhance Egypt’s save as a regional vitality hub within the Eastern Mediterranean.”

Egypt’s Ministry of Petroleum printed in March 2026 that Arcius Vitality laid the groundwork to open drilling two offshore gasoline exploration wells within the Mediterranean, Atoll West and Nofret.

These drilling actions are aligned with the country’s idea to drill bigger than 100 exploratory oil and gasoline wells in 2026 in cooperation with investment companions.