BP and XRG have completed financial close and launched their joint venture, Arcius Energy, an international natural gas platform. Announced in February 2024, Arcius Energy is 51% owned by BP and 49% by XRG, the investment arm of ADNOC.
The partnership combines their technical expertise and proven track records to drive the growth of a highly competitive gas portfolio.
Arcius Energy, initially to operate in Egypt, includes interests assigned by BP across two development concessions, as well as exploration agreements.
H.E. Dr. Sultan Ahmed Al Jaber, executive chairman of XRG, said: “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. 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.”
Murray Auchincloss, chief executive of BP, added: “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. ADNOC, and now XRG, is a trusted partner with whom we have worked 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.”
Arcius Energy has appointed its senior leadership team as part of its formation. Naser Saif Al Yafei, from ADNOC, will serve as Chief Executive Officer, while Katerina Papalexandri, from BP, will take on the role of Chief Financial Officer. Both executives bring decades of energy sector experience to their positions.
