XRG and bp have announced that they have successfully reached financial close and completed the establishment of their new joint venture (JV) and international natural gas platform, named Arcius Energy. First revealed in February 2024, this joint venture is structured with bp holding a 51 percent stake and XRG, ADNOC‘s innovative energy investment firm, owning 49 percent.
Strategic goals of the JV
This new joint venture aims to leverage the extensive technical expertise and proven development success of both companies as it seeks to cultivate a highly competitive gas portfolio. Arcius Energy will initially operate in Egypt and includes interests allocated by bp across two development concessions, in addition to exploration agreements.
Dr. Sultan Ahmed Al Jaber, UAE minister of Industry and Advanced Technology and executive chairman of XRG, stated that the establishment of Arcius Energy signifies an exciting new phase in their enduring partnership with bp and aligns perfectly with XRG’s goals to accelerate the transformation of energy systems and create a world-scale integrated gas and chemicals portfolio to satisfy the increasing global demand. He emphasized that this forward-thinking partnership will facilitate a lower-carbon transition fuel, paving the way for a future where smarter, cleaner, and more affordable energy is available for both Egypt and the global community.
Read more: 7 things to know about new ADNOC company XRG
Commitment to regional growth
Murray Auchincloss, chief executive of bp, conveyed that Arcius Energy combines the strengths of both companies to form a vibrant new platform for international growth in natural gas within the region. He noted that ADNOC, and now XRG, is a trusted partner with whom they have successfully collaborated for over five decades. He expressed confidence that together they can build on bp’s 60 years of technical expertise and commitment to safe and efficient operations in Egypt, which serves as a hub for new opportunities to develop a highly competitive gas portfolio in the area.
As part of the company’s formation, senior leadership for Arcius Energy has also been appointed. Naser Saif Al Yafei has been named Chief Executive Officer, while Katerina Papalexandri has taken on the role of Chief Financial Officer. Both executives bring decades of experience in the energy sector, hailing from ADNOC and bp, respectively.
