XRG and bp have announced the financial close and completion of their new joint venture, Arcius Energy, an international natural gas platform. Initially revealed in February 2024, the joint venture is owned 51% by bp and 49% by XRG, ADNOC’s transformative energy investment company.
Arcius Energy aims to develop a competitive gas portfolio by leveraging the technical expertise and proven track records of both partners. The platform will begin operations in Egypt, encompassing bp’s interests in two development concessions and exploration agreements in the region.
“The formation of Arcius Energy marks an exciting new chapter in our long-standing partnership with bp, and fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio to meet rising global demand,” said Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Executive Chairman of XRG. “This progressive partnership will unlock a lower-carbon transition fuel to build a future where smarter, cleaner and more affordable energy is accessible for Egypt and the world.”
“Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region,” said Murray Auchincloss, CEO of bp. “ADNOC, and now XRG, is a trusted partner whom we have worked with successfully for over five decades. Together, we can continue to build on bp’s 60 years of technical expertise and delivery of safe and efficient operations in Egypt – a hub for new opportunities to build out a highly competitive gas portfolio in the region.”
As part of the joint venture’s formation, senior leadership appointments have been made. Naser Saif Al Yafei, from ADNOC, has been named CEO, while Katerina Papalexandri, from bp, will serve as CFO. Both executives bring decades of experience in the energy sector, reinforcing the company’s mission to drive innovation and growth in the natural gas space.
