BP, XRG Partner to Launch New Natural Gas Platform

SEATTLE (Oil Monster): In collaboration with XRG-ADNOC's global energy investment firm, BP announced the creation of Arcius Energy, a new natural gas trading platform. The new business complements the two firms' strategic growth strategies and expands on their more than 50-year alliance.

In February of this year, the news of Arcius Energy was initially made. The two businesses' extensive technical know-how and successful development histories will be combined in the new joint venture. According to a joint press statement, XRG will hold 49% of it and BP will own 51%.

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Arcuis Energy will first concentrate on developing gas assets in Egypt with the goal of developing a dynamic new platform for global natural gas growth. Its goal is to create a highly competitive gas portfolio in the area so that Egypt and the rest of the globe may access cleaner and more reasonably priced energy.

In addition to the exploratory concession agreements for North El Tabya, Bellatrix-Seti East, and North El Fayrouz, Egypt has also awarded concessions for Shorouk, which includes the producing Zohr field, and North Damietta, which includes the producing Atoll field. It should be mentioned that BP and its partners currently produce around 70% of Egypt's total gas.