Italian oil giant Eni announced on Tuesday signing a deal with the Egyptian state oil corporation and the Russian energy company Lukoil to merge the Meleiha and Meleiha Deep concessions into a single, Merged Meleiha concession
MOSCOW (Pakistan Point News / Sputnik - 15th June, 2021) Italian oil giant Eni announced on Tuesday signing a deal with the Egyptian state oil corporation and the Russian energy company Lukoil to merge the Meleiha and Meleiha Deep concessions into a single, Merged Meleiha concession.
"Eni has signed an agreement with the Arab Republic of Egypt, the Egyptian General Petroleum Corporation (EGPC) and Lukoil for the merger of the concessions of Meleiha and Meleiha Deep, in Egypt's Western Desert, and their extension to 2036, with the possibility of reaching further to 2041," Eni said in a statement.
The new concession will enable the parties to carry out exploration activities over the stipulated period and will be operated by Agiba, a joint venture between Eni and EGPC, through its subsidiary IEOC which will own 76 percent of the concession while the rest 24 percent will belong to Lukoil.
The Italian company has been operating in Egypt since 1954.
