Abu Dhabi National Oil Company (ADNOC) and BP’s joint venture to grow the pair’s gas portfolio in Egypt was awarded the Oil & Gas Deal of the Year in the Middle East with judges concluding it was transformative for the region.  

The deal, agreed in February, sees BP, a 51% owner of the JV, contribute its interests in 3 development concessions and 3 exploration agreements in the north African country including: 

• North Damietta – contains the Atoll field operated by Pharaonic Petroleum Company (PhPC) – BP has a 100% interest
• North El Burg – contains the undeveloped Satis field operated by PhPC – BP has a 50% interest
• Shorouk – contains the Zohr field operated by Belayim Petroleum – BP has a 10% interest
• North El Tabya, Bellatrix-Seti East and North El Fayrouz – BP's exploration concession agreements 

ADNOC, a 49% owner, will in turn make a proportionate cash contribution that will be used for future growth opportunities. 

This is the second year running that a deal involving ADNOC has received this award.   

The submission said: “This transaction represents a significant step forward as ADNOC builds its international natural gas portfolio. This progressive joint venture partnership is designed to help enhance Egyptian energy security and the economic potential of the region’s most populous Arab country. Building on ADNOC’s long-standing strategic partnership with bp which spans over five decades, this transaction is one of the largest upstream deals in the region over the last 2 years.” 

One judge said: “This is a transformative JV for the region, involving 2 leading Oil & Gas players.” 

Another member of the judging panel said: “Gibson-Dunn involved a cross-jurisdictional and multi-practice group in the deal, provided clear evidence of strong client support for a large-scale legal due diligence exercise on nineteen upstream oil and gas assets, deal structuring and key M&A documentation.” 

The submission said: “The scope of the diligence undertaken was immense and its findings resulted in the implementation of niche and novel solutions and mitigation measures into the transaction documents for the formation of the JV.” 

It added: “From a corporate perspective, the transaction is intricately structured and involves a number of complex elements to allow the parties to implement the transaction in an optimum manner.” 

Adviser to BP: 

• Norton Rose Fulbright – legal 

Adviser to ADNOC: 

• Gibson Dunn – legal