Arcius Secures Harmattan Field in Egypt, strengthening Regional Gas Supply
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Damietta, Egypt – Arcius, a dynamic joint venture between bp adn XRG, has entered into a binding agreement to acquire the Harmattan gas and condensate field located in egypt’s Eastern Mediterranean waters. The deal, pending final regulatory approvals, signifies a significant expansion of Arcius’ presence in the region and a commitment to bolstering Egypt’s energy infrastructure.
Harmattan Field Development Details
The Harmattan field is situated approximately 2.5 kilometers north of Ras el-Barr in damietta. Development plans include the drilling of up to three production wells and the installation of a fixed offshore platform. Crucially, the facility will be connected to existing onshore gas processing plants near Port Said via a 50-kilometer subsea pipeline, minimizing new infrastructure requirements and maximizing efficiency. First gas production from the field is anticipated in 2028.
Strategic Importance for Arcius and Egypt
According to Naser Al Yafei, CEO of Arcius, the acquisition is a pivotal milestone in the company’s regional growth strategy. “This transaction underscores our dedication to our strong partnership with the Egyptian government, represented by the Egyptian Natural Gas Holding Company (EGAS), and directly supports efforts to enhance energy security within the region,” Al Yafei stated. The move aligns with Egypt’s broader objectives of increasing domestic energy production and fostering sustainable economic development.
Transaction Overview and Ownership
Arcius is acquiring the El Burg Offshore concession, which encompasses the Harmattan field, from Shell (holding a 60% stake) and bp (holding a 40% stake). The completion of the transaction is subject to standard closing conditions and receipt of all necessary regulatory approvals.
Arcius: A New Force in Eastern Mediterranean Gas
Established in December 2024, Arcius leverages the combined strengths of bp’s extensive technical expertise and XRG’s proven operational capabilities. The company is focused on building a competitive gas portfolio throughout Egypt and the wider eastern Mediterranean, aiming to contribute considerably to regional energy independence.
Existing Portfolio and Future Prospects
Beyond the Harmattan acquisition,Arcius currently holds a substantial portfolio of assets in Egypt,including a 10% stake in the prolific Shorouk concession,home to the Zohr field. The company also maintains a 100% interest in the North Damietta concession, which contains the Atoll field, and holds exploration interests in North El Tabya, Bellatrix-Seti East, and North El Fayrouz. These holdings position Arcius as a key player in Egypt’s evolving energy landscape, poised for continued growth and investment.
This article was published by Lucas Fernandez, News Editor and SEO Strategist, World-Today-News.com
