New JV of BP and XRG Prepares for Exploration Activities in Egypt
Arcius Energy, a joint venture of the British BP and XRG (a division of the Abu Dhabi National Oil Company, ADNOC), is preparing to drill the first of two key exploration wells on the continental shelf of Egypt. This was reported by the company’s press service.
The exploration programme will focus on the Atoll West and Nofret subsoil areas. As part of its implementation, the drilling vessel Valaris DS-12 will be used, which has already departed from Las Palmas, Spain, and is heading to Egypt.
Specifications of the DS-12 drilling vessel:
- owned by Valaris;
- overall length — 780 feet (237.74 m);
- width — 137.8 feet (42 m);
- maximum operating draft — 39 feet (11.89 m);
- displacement — 104 thousand tonnes;
- capable of operating at water depths of up to 12 thousand feet (3,657.6 m);
- maximum drilling depth — 40 thousand feet (12.19 km);
- accommodation capacity — 200 people.
It is recalled that Arcius Energy was established in December 2024 to develop gas resources and meet growing regional demand while supporting Egypt’s energy security and economic development. BP holds 51%, while XRG holds 49%.
Concessions granted to Arcius Energy in Egypt:
Shorouk (bp 10%) — includes the Zohr field; operated by Belayim Petroleum (Petrobel);
North Damietta (bp 100%) — includes the offshore Atoll field; operated by Pharaonic Petroleum Company (PhPC);
exploration concession agreements for North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
It is recalled that at the end of 2025, the authorities of Egypt announced plans to drill 480 new exploration wells over the next 5 years, investing 5.7 billion US dollars to overcome the long-term production decline. In 2026, a total of 101 wells are expected to be drilled in key oil-producing regions.
