BP and XRG have successfully completed the financial close and launched Arcius Energy, an international natural gas platform.
Announced in February 2024, the joint venture is owned 51% by BP and 49% by XRG, the investment arm of ADNOC.
The partnership leverages the technical expertise and extensive experience of both companies to establish a competitive and robust natural gas portfolio.
Arcius Energy’s initial operations will focus on Egypt, incorporating BP’s interests across two development concessions and exploration agreements.
H.E. Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG, highlighted the significance of the venture:
“The formation of Arcius Energy marks an exciting new chapter in our long-standing partnership with BP. It aligns with XRG’s objectives to accelerate energy transformation and build an integrated gas and chemicals portfolio to meet rising global demand.
This partnership will unlock a lower-carbon transition fuel to create a future of smarter, cleaner, and more affordable energy for Egypt and the world.”
BP CEO Murray Auchincloss echoed this sentiment, emphasizing the partnership’s potential:
“Arcius Energy combines the strengths of our two companies, creating a dynamic platform for international natural gas growth.
ADNOC, and now XRG, have been trusted partners for over five decades. Together, we’ll continue to build on BP’s 60 years of technical expertise and safe operations in Egypt, further expanding a highly competitive gas portfolio in the region.”
Arcius Energy has appointed its senior leadership team:
- Naser Saif Al Yafei, from ADNOC, will serve as Chief Executive Officer (CEO).
- Katerina Papalexandri, from BP, will take on the role of Chief Financial Officer (CFO).
Both executives bring decades of energy sector experience, positioning Arcius Energy for strategic growth and operational excellence.
Arcius Energy represents a major step forward in the evolution of natural gas as a lower-carbon energy source.
The venture aims to drive sustainable growth and meet the rising global demand for cleaner, more affordable energy solutions, beginning with its operations in Egypt.
