ADNOC and BP Form Joint Venture to Develop Gas Assets in Egypt

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Adnoc

ADNOC (Abu Dhabi National Oil Company) and BP have announced a strategic joint venture aimed at advancing the development of gas assets in Egypt. As part of the agreement, BP will transfer its interests in three development concessions and exploration agreements to the joint venture, while ADNOC will provide a proportionate cash contribution that can be utilized for future growth opportunities. This collaboration marks a significant milestone for ADNOC's international natural gas portfolio and holds the potential to bolster Egyptian energy security and drive economic growth in the region's most populous Arab country.  

ADNOC and BP have joined forces to establish a joint venture focused on the development of gas assets in Egypt. This partnership brings together ADNOC's expertise as a leading global energy company and BP's extensive experience in the oil and gas sector to drive growth and maximize the potential of Egypt's gas resources.

In line with the agreement, BP will transfer its interests in three development concessions and exploration agreements to the joint venture. These assets, combined with ADNOC's financial contribution, will lay the foundation for future expansion and investment opportunities.

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