Norton Rose Fulbright advises bp on strategic gas joint venture in Egypt

Global law firm Norton Rose Fulbright has advised bp on its entry into agreements for the formation of a new joint venture (JV) in Egypt with Abu Dhabi National Oil Company (ADNOC). bp, which will have a 51 percent stake in the JV, and ADNOC, which will have a 49 percent stake in the JV aim to grow a highly competitive gas portfolio.

bp will contribute its interests in three development concessions to the JV, as well as exploration agreements, and ADNOC will make a proportionate cash contribution which may be used for future growth opportunities.

Subject to regulatory approvals and clearances, the formation of the incorporated JV is expected to complete during the second half of 2024.

Hussain Kubba, commented:

“Advising and supporting bp on the development of its gas portfolio JV in Egypt with ADNOC continues our longstanding relationship with bp and builds on our great practice advising clients on energy projects in Egypt. We look forward to supporting bp with its future progress.”

The multi-disciplinary team at Norton Rose Fulbright was led by London-based Partner Hussain Kubba, alongside corporate Partners Andrew Davies and Nicolas Sirtoli. Further transaction support was provided by Partners Dominic Stuttaford (Tax), Ian Giles (Competition), Neha Khosla (Banking) and Mike Knapper (IP) as well as fee-earners from across the firm.