Arcius, a joint venture between UK’s bp (51 percent) and UAE’s XRG (49 percent), said it has signed a binding agreement to acquire the Harmattan gas and condensate field, an offshore discovery located 2.5 kilometres north of Ras El Barr in Egypt’s Damietta Governorate.

The acquisition, subject to regulatory approvals, covers the El Burg Offshore concession, currently owned by Shell (60 percent) and bp (40 percent), Arcius said in a statement on Wednesday.

The company plans to drill up to three wells and install a fixed offshore platform linked by a 50-kilometre pipeline to onshore processing facilities near Port Said. Production is expected to start in 2028.

Naser Al Yafei, CEO of Arcius, said: “This acquisition is a key milestone for Arcius, reinforcing our partnership with the Egyptian Government, through the Egyptian Natural Gas Holding Company (EGAS), and our commitment to advancing regional energy security."

bp and XRG, ADNOC’s international energy investment company, established Arcius in 2024 as a regional gas platform to initially focus on development of gas assets in Egypt and the wider Eastern Mediterranean.

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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