Arcius has signed a binding agreement to acquire the Harmattan gas and condensate field in Egypt's Eastern Mediterranean waters, pending final regulatory approvals. The offshore field lies approximately 2.5 kilometres north of Ras El-Barr in Damietta and will be developed through the drilling of up to three production wells and the installation of a fixed offshore platform. The facility will be connected to onshore gas processing plants near Port Said via a 50-kilometre subsea pipeline. Production is expected to commence in 2028. The acquisition represents an early milestone in Arcius' regional expansion strategy. CEO Naser Al Yafei said the transaction underscores the company's commitment to its partnership with the Egyptian government, represented by the Egyptian Natural Gas Holding Company (EGAS), and aligns with broader efforts to enhance regional energy security. Arcius—a joint venture between bp (51%) and XRG (49%)—is purchasing the El Burg Offshore concession, which includes the Harmattan field, from Shell (60%) and bp (40%). The transaction remains subject to customary closing conditions and regulatory approval. Formed in December 2024, Arcius integrates bp's deep technical expertise and XRG's operational capabilities to build a competitive gas portfolio spanning Egypt and the wider Eastern Mediterranean. The company aims to bolster domestic energy supplies while contributing to Egypt's long-term economic growth and sustainable development objectives. Arcius currently holds a 10% stake in the Shorouk concession, which includes the Zohr field, a 100% interest in the North Damietta concession that contains the Atoll field, and additional exploration interests in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
