ADNOC and bp have agreed to form a new joint venture (JV) in order to initially focus on the development of gas assets in Egypt.

The JV (51 percent bp and 49 percent ADNOC) will combine the pair’s deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio.

As part of the agreement, bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. ADNOC will make a proportionate cash contribution which can be used for future growth opportunities.

The JV further strengthens the broader strategic partnership across energy, renewables, and carbon capture and storage technology, in addition to the pair’s relationship at ADNOC’s onshore concession in Abu Dhabi.

William Lin, Executive Vice President of Regions, Corporates, and Solutions at bp, said that, “This dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with ADNOC that spans over five decades.”

“Together, we will build on the 60 years of safe and efficient operations of bp and its partners in Egypt, and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the country,” Lin further added.