Under the agreement, Arcius acquired full production and exploitation rights in the offshore North El Burg concession agreement in the Mediterranean Sea. The signing took place during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in the UAE capital.
The deal involves Arcius acquiring all rights and
obligations of both Shell and BP in the concession, including the development
contract for the Harmattan field. The acquisition reflects Arcius' confidence
in the investment climate of the Egyptian petroleum sector.
Arcius plans to inject new investments to develop the
Harmattan field and bring it onto the production map as part of an ambitious
expansion plan to boost its presence and exploration and production activities
in the Egyptian Mediterranean.
Arcius, which has a diverse investment portfolio of
concession areas in the Mediterranean, aims to increase production rates and strengthen
its role as a strategic partner in Egypt’s oil and gas industry.
Following the signing, the two ministers held talks where
Minister Badawi affirmed the petroleum sector's commitment to working with all
partners to attract more investment and maximize the benefit from existing
assets and infrastructure to add new gas and oil production.
He also noted support for ADNOC's efforts through its
subsidiary XRG and its affiliated companies to increase investments in Egypt.
The ministers reviewed Arcius' expansion plans for the
coming years, underscoring the importance of Arcius' reinforced investment in
the Egyptian gas sector through the Harmattan field development agreement.
Discussions highlighted the incentives and procedures
implemented by the petroleum sector to increase the flow of investments into
oil and gas exploration and production in Egypt.
Cooperation with the ADNOC Group was also discussed in the
fields of low-carbon solutions for emission reduction, as well as digital
solutions and artificial intelligence to boost production.
Minister Badawi concluded the meeting by extending a formal invitation to Dr. Sultan Al Jaber to be the Guest of Honor and a Keynote Speaker at the upcoming Egypt International Energy Conference (EGYPES 2026), emphasizing that his participation would enrich the event and reflect the spirit of cooperation between Egypt and the UAE in the energy sector.