CAIRO, Nov 5 (MENA) – Minister of Petroleum and Mineral Resources Karim Badawi said that Arcius company will make new investments to develop the Harmattan Gas Field in the Mediterranean and put it on the production map.
This comes as part of an ambitious expansion plan to strengthen its presence in Egypt and expand its exploration and production operations in the Mediterranean.
This came after the signing of an acquisition agreement between the Egyptian Natural Gas Holding Company (EGAS), Arcius and Shell and BP in presence of Badawi and the UAE Minister of Industry and Advanced Technology Sultan Al Jaber, who is also the CEO of ADNOC and its subsidiaries.
Under the agreement, Arcius obtained full production and exploitation rights in the Burj offshore concession in the Mediterranean.
Badawi asserted that the agreement grants Arcius all rights and obligations of Shell and BP in the concession, including the Harmattan Gas Field development contract, reflecting the company’s confidence in Egypt’s petroleum investment climate.
Following the signing, both ministers held talks during which Badawi asserted Egypt’s commitment to work with all partners to attract more investments, maximize the use of existing assets and infrastructure and add new gas and oil production.
The meeting reviewed Arcius’s expansion plans for the coming years and highlighted the significance of the company’s enhanced investment in Egypt’s gas sector through the Harmattan Gas Field development agreement.
