Arcius Energy: Joint Venture Between bp and XRG Set to Transform Natural Gas Landscape
Deal News | Dec 17, 2024 | Phoenicia Group Libya LLC
In February 2024, bp and XRG announced the formation of a new joint venture, Arcius Energy, dedicated to expanding international natural gas capabilities. The venture, which is 51% owned by bp and 49% by XRG (an ADNOC affiliate), aims to operate initially in Egypt and will leverage both companies' technical capabilities and track records in the energy sector. This move is part of XRG's strategy to transform energy systems and enhance its gas and chemicals portfolio to meet increasing global demand for cleaner energy. Leadership appointments for the newly formed company include Naser Saif Al Yafei as CEO and Katerina Papalexandri as CFO, further strengthening the venture with industry expertise. The partnership is seen as a strategic step to unlock potential in the natural gas sector in the region.
Sectors
- Energy
- Oil and Gas Exploration & Production
Geography
- Egypt – The focus of the new joint venture, Arcius Energy, will initially be on natural gas operations in Egypt.
Industry
- Energy – The article discusses the formation of a new energy-focused joint venture, Arcius Energy, emphasizing its role in advancing natural gas operations in the region.
- Oil and Gas Exploration & Production – Arcius Energy will focus on natural gas exploration and development, initially in Egypt, leveraging development concessions and exploration agreements.
Financials
- 51% – The ownership stake of bp in the newly formed joint venture, Arcius Energy.
- 49% – The ownership stake of XRG in the newly formed joint venture, Arcius Energy.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Arcius Energy | Joint Venture | Company | A newly formed joint venture between bp and XRG, focusing on international natural gas operations. |
| bp | Joint Venture Partner | Company | A multinational oil and gas company with a 51% stake in Arcius Energy, contributing technical expertise. |
| XRG | Joint Venture Partner | Company | ADNOC's transformative investment company with a 49% stake in Arcius Energy, aiming to enhance its gas and chemicals portfolio. |
| ADNOC | Parent Company of XRG | Company | Abu Dhabi National Oil Company, the parent company of XRG. |
| Murray Auchincloss | Key Executive | Person | Chief Executive of bp, involved in the joint venture announcement. |
| H.E. Dr. Sultan Ahmed Al Jaber | Key Executive | Person | Executive Chairman of XRG, involved in the joint venture announcement. |
| Naser Saif Al Yafei | Chief Executive Officer | Person | Appointed CEO of Arcius Energy, representing ADNOC's leadership expertise. |
| Katerina Papalexandri | Chief Financial Officer | Person | Appointed CFO of Arcius Energy, representing bp's leadership expertise. |