Arcius to Acquire Egypt’s Harmattan Gas Field
Arcius has entered into a binding agreement to acquire the Harmattan gas and condensate field located in Egypt’s Eastern Mediterranean waters, pending final approval from regulators. The offshore site lies roughly 2.5 kilometres north of Ras El-Barr in Damietta.
Development plans include drilling up to three production wells and constructing a fixed offshore platform. The facility will be connected to onshore gas processing plants near Port Said via a 50-kilometre subsea pipeline, with production expected to begin in 2028.
Strategic Importance and Partnerships
The acquisition marks a key milestone in Arcius’ expansion across the Eastern Mediterranean region. It highlights the company’s dedication to advancing cooperation with Egypt’s government, particularly through the Egyptian Natural Gas Holding Company (EGAS), and supports efforts to strengthen energy security across the region.
CEO Naser Al Yafei said the transaction underscores the company’s commitment to its partnership with the Egyptian government, represented by EGAS, and aligns with broader efforts to enhance regional energy security.
Transaction Details
Arcius, a joint venture between bp (51%) and XRG (49%), is acquiring the El Burg Offshore concession—which includes the Harmattan field—from Shell (60%) and bp (40%). The deal remains subject to routine closing conditions and regulatory clearance.
Author’s summary: Arcius strengthens its Eastern Mediterranean presence by acquiring Egypt’s Harmattan gas field, deepening cooperation with EGAS to boost regional energy security.