Arcius Energy takes FID on $500 million Harmattan gas field offshore Egypt

(WO) — Arcius has taken a final investment decision (FID) to develop the Harmattan gas field in Egypt’s El Burg offshore concession, committing up to $500 million to the project.

The development marks one of the company’s first projects in Egypt following its acquisition of the concession earlier this year and is aimed at increasing natural gas supply to the domestic market.

The project will be executed in collaboration with the Egyptian Natural Gas Holding Company (EGAS) and local partners, with engineering, procurement, construction and installation (EPCI) work awarded to ENPPI. Petroleum Marine Services and Petrojet will participate as subcontractors.

Arcius operates the El Burg Offshore concession with a 100% interest, which includes the Harmattan field.

“The Final Investment Decision to develop the Harmattan field marks an important milestone in advancing one of our first projects in Egypt toward production,” said Naser Al Yafei, chief executive officer of Arcius. “It reflects our confidence in the potential of Egypt’s energy sector and our commitment to close cooperation with the Egyptian government, EGAS, and our execution partners to strengthen Egypt’s natural gas supply, support energy security, and reinforce Egypt’s position as a regional energy hub in the Eastern Mediterranean.”

Arcius was established in 2024 as a regional gas platform backed by bp and ADNOC’s international investment arm XRG, with a focus on developing gas assets in Egypt and the Eastern Mediterranean.