Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across two development concessions, as well as exploration agreements.
bp and XRG have finalised the formation of Arcius Energy, a joint venture focusing on international natural gas.
Initially to operate in Egypt, Arcius Energy includes bp-assigned concessions and exploration agreements.
Leaders Naser Saif Al Yafei, CEO and Katerina Papalexandri, CFO aim to drive competitive, lower-carbon gas solutions globally.
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, who 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.”
Senior Arcius Energy leadership were also appointed as part of the company’s formation. Naser Saif Al Yafei was appointed as Chief Executive Officer while Katerina Papalexandri was appointed as Chief Financial Officer. Both executives, from ADNOC and bp respectively, bring decades of experience in the energy sector.
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Fibre2Fashion News Desk (HU)
