This occurred within the framework of a takeover agreement signed between the Egyptian Natural Gas Holding Company “EGAS” and “Arceus” Company, as well as “Shell” and “BP”. Under this agreement, “Arceus” obtained full rights to production and exploitation in the concession agreement for the Borg offshore area in the Mediterranean Sea.
The Egyptian Ministry of Petroleum reported that the signing of the acquisition agreement took place in the presence of the Egyptian Minister of Petroleum and Mineral Resources, Karim Badawi, and Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, and the Managing Director and CEO of ADNOC Group and its companies, during the ADIPEC 2025 Conference and Exhibition in the UAE capital, Abu Dhabi.
“Arceus” Company holds a diverse investment portfolio that includes several concession areas in the Mediterranean Sea. The company is working on implementing ambitious exploratory and developmental programs aimed at increasing production rates and enhancing its role as a strategic partner in the petroleum and gas industry in Egypt.
