Minister of Petroleum and Mineral Resources, Karim Badawi, met with Nasser Saif Al-Yafei, CEO of ARCIUS Energy, a joint venture between BP and ADNOC’s subsidiary XRG, to discuss the existing partnership in natural gas exploration and production areas in Egypt’s Mediterranean region, and review ongoing work plans, as the company’s investment portfolio is focused on the Egyptian market.

Badawi emphasized the strong and longstanding relations between Egypt and the UAE, noting that cooperation in the energy sector is a key pillar in strengthening these ties. He highlighted the continued growth of Emirati investments in Egypt’s oil and gas exploration and production fields.

For his part, Al-Yafei stated that the company’s operations in Egypt are progressing very well according to the set timelines. He affirmed the company’s interest in developing a plan to expand its investments in the Egyptian market, which represents a top priority for ARCIUS Energy.

In August, Egyptian Natural Gas Holding Company (EGAS) signed a deal with  ARCIUS Energy to invest about $109 million in the North Damietta offshore area of the Mediterranean Sea.

ARCIUS Energy holds 100% interest in the North Damietta area, which includes Atoll field. The company also holds a 10% interest in the Shorouk concession area, which contains the giant Zohr field. In addition, it manages bp’s exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.