Arkeus, the UAE-based energy company, has acquired full production and exploitation rights in Egypt’s El Borg Offshore area in the Mediterranean Sea, including the development contract for the Harmattan gas field.
The agreement was signed during the ADIPEC 2025 exhibition and conference, in the presence of Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, and Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and CEO of ADNOC Group.
Under the newly signed deal, Arkeus takes over the entire stakes previously held by Shell and BP in the El Borg concession. The acquisition signals growing investor confidence in Egypt’s oil and gas sector, particularly in the Eastern Mediterranean, which has rapidly emerged as a key hub for new gas discoveries.
Arkeus plans to inject new capital investments to develop the Harmattan field and bring it into production, as part of its broader strategy to strengthen its position in Egypt and expand operations in offshore exploration and production.
The company already holds a diverse portfolio of concessions in the Mediterranean, which it continues to develop to boost output and cement its role as a strategic partner in Egypt’s oil and gas industry.
Following the signing, the two ministers held bilateral talks focused on Arkeus’s long-term expansion plans. Minister Badawi reiterated Egypt’s commitment to attracting foreign investment and maximizing the use of its existing energy infrastructure to enhance oil and gas production.
Discussions also touched on collaboration with ADNOC Group in areas such as low-carbon solutions, emission reduction, and digital and AI technologies aimed at improving operational efficiency and sustainability.
Both sides emphasized that Arkeus’s investment in the Harmattan field marks a milestone in the Egypt–UAE strategic energy partnership, supporting Egypt’s ambitions to become a regional hub for gas trade and distribution in the Eastern Mediterranean.
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