• The joint venture between global oil major BP and state-owned Abu Dhabi National Oil Company (ADNOC) in Egypt, announced on Wednesday, will initially focus on natural gas. Under the agreement, BP will own 51% of the joint venture, with ADNOC holding the remaining 49%. Originally planned as the second phase of cooperation between the two companies in the Eastern Mediterranean, negotiations for the acquisition of a 50% stake in gas producer NewMed have made little progress since being announced in March 2023.

• ADNOC is looking to expand its gas business domestically and internationally, considering natural gas as a transition fuel to renewable energy sources. Meanwhile, BP aims to reduce its oil and gas output by 25% by 2030 but remains invested in fossil fuels. The joint venture will see BP contributing its interests in three development concessions and exploration agreements in Egypt, while ADNOC will make a cash contribution for future growth opportunities.