The venture plans to drill two exploration wells. Operations will use a dedicated drilling rig deployed on blocks in the eastern Mediterranean, according to the report. Established in 2024, Arcius Energy combines BP’s gas assets in Egypt with those of XRG, the international investment arm of ADNOC, the United Arab Emirates’ state oil company. According to the company’s website, Arcius focuses on Egyptian natural gas, developing existing fields while pursuing offshore exploration. Some of these assets originate from BP’s portfolio transferred to the joint venture, according to Enerdata.

Source: The North Africa Journal March 24, 2026 11:14 UTC