XRG and BP announced today the completion of the establishment of Arcius Energy, a new regional platform focused on natural gas. BP holds a 51% stake in the joint venture, while XRG, a subsidiary of ADNOC, owns the remaining 49%.

The newly established company aims to combine the technical expertise and proven track records of both partners to build a competitive natural gas portfolio.

Arcius Energy will commence its operations in Egypt, with a portfolio that includes key assets previously owned by BP:

• 10% of the Shorouk concession, home to the producing Zohr field.

• 100% of the North Damietta concession, which includes the producing Atoll field.

• Exploration agreements for blocks in North El Tabya, East Bilatrics City, and North El Fayrouz.

Dr. Sultan Ahmed Al Jaber, chairman of XRG, commented:

“The establishment of Arcius Energy represents a new chapter in our long-standing strategic partnership with BP. This initiative aligns with our strategy to build an integrated portfolio of low-carbon energy and chemicals. We are confident that this partnership will play a significant role in promoting sustainable development in Egypt and the region.”

Murray Auchincloss, CEO of BP, added:

“Arcius Energy brings together BP’s technical expertise, built over 60 years, with ADNOC’s trusted partnership of more than five decades. Egypt provides exceptional opportunities to expand our natural gas portfolio, and we look forward to delivering efficient, high-performance projects in this promising market.”

Executive Leadership

• Nasser Saif Al Yafei (ADNOC): Chief Executive Officer

• Katerina Papalexandri (BP): Chief Financial Officer