Arcius to Expand Regional Gas Footprint with Acquisition of Egypt’s Harmattan Field in the Eastern Mediterranean

Arcius today announced that it has entered into a binding agreement to acquire (subject to obtaining regulatory approvals) the Harmattan gas and condensate field, an offshore discovery in the Egyptian sector of the Eastern Mediterranean, located 2.5 kilometers north of Ras El Barr in the Damietta Governorate.

Arcius plans to develop the field through drilling of up to three wells and the installation of a fixed offshore platform, connected by a 50-kilometer pipeline to onshore processing facilities located near Port Said. Expected start-up of production is 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.”

Arcius, owned by bp (51%) and XRG (49%), is acquiring the El Burg Offshore concession which contains the Harmattan gas field from Shell (60%) and bp (40%). The transaction remains subject to customary regulatory approvals.

Arcius is a strategic joint venture that combines bp and XRG’s deep technical abilities and proven gas development track records to grow a highly competitive gas portfolio. The company’s mission is to participate in the development of natural gas assets to meet the growing domestic energy demand and to contribute to energy security and economic development in the regionFor more information about XRG, visit www.xrg.com