14th Feb 2024 12:01
(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.
The London-based oil major said the JV, in which it will hold 51% and ADNOC the remaining 49%, "will combine the pair's deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio".
BP will contribute its interest in three development concessions, as well as exploration agreements, in Egypt to the new JV. Meanwhile, "Adnoc will make a proportionate cash contribution which can be used for future growth opportunities."
Adnoc is the state-owned oil company of the United Arab Emirates.
No financial details were disclosed. BP expects the formation of the incorporated joint venture to complete in the second half of 2024.
"This dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with ADNOC that spans over five decades," said William Lin, executive vice president of regions, corporates & solutions at BP.
BP shares were 0.5% higher at 482.20 pence each on late Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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