07:23 AM EST, 12/16/2024 (MT Newswires) -- BP (BP) and XRG said they have reached a financial close and completed the formation of their Arcius Energy joint venture, a natural gas platform.

Arcius, 51% owned by BP and 49% by XRG, an investment company owned by Abu Dhabi National Oil, the company said.

The joint venture aims to grow a gas portfolio. It will operate initially in Egypt, the company said.