Strategic Acquisition Boosts Egypt’s Energy Sector

Arcius, a ‍joint ⁤venture between bp (51%) adn XRG (49%), has signed a binding agreement⁣ to acquire the Harmattan gas and condensate field located in the Eastern Mediterranean waters off ⁤Egypt. The deal, pending final regulatory approvals, marks a ⁣meaningful step in the⁢ company’s regional expansion and⁣ commitment⁣ to⁣ bolstering⁤ Egypt’s ‍energy⁢ independence.

The El Burg ⁢Offshore concession, encompassing the ⁢Harmattan field, is being purchased from Shell (60%) and bp (40%). Arcius’s investment underscores a collaborative approach with the Egyptian government, represented by⁢ the Egyptian Natural Gas Holding Company (EGAS), to‍ enhance regional⁢ energy security.

Harmattan Field Growth Plan

Located approximately 2.5 kilometers north of Ras El-Barr in Damietta, the Harmattan field⁢ is slated for development through the drilling of up to three production wells. A fixed offshore ⁤platform will ⁤be installed, and production is ‍anticipated to begin in 2028.⁢ The facility will be connected to onshore gas processing plants near Port Said via ⁣a 50-kilometer subsea pipeline,⁢ ensuring efficient transport of resources.

arcius’s Growing Presence in Egypt

Formed in December 2024, ⁢Arcius combines bp’s technical expertise with XRG’s operational strengths to build a competitive gas portfolio.Beyond Harmattan,⁣ Arcius currently holds a 10% stake in the Shorouk concession, which includes the prolific Zohr field, and a 100% interest in the North Damietta concession containing‍ the Atoll field. ‍The company also maintains exploration interests in North El Tabya, Bellatrix-Seti⁣ East, and North El Fayrouz, demonstrating a broad commitment to egypt’s hydrocarbon potential.

This acquisition aligns‍ with Arcius’s broader objectives of contributing to Egypt’s long-term economic growth and ‍enduring development through increased domestic energy supplies.