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Wednesday, 16 June 2021

A merger in the Western Desert

Eni to merge two concessions in Western Desert: Eni has signed an agreement with the Egyptian General Petroleum Corporation (EGPC) and Russian multinational energy corporation Lukoil to merge its Meleiha and Meleiha Deep concessions in the Western Desert, the Italian oil and gas operator said in a statement yesterday. The new concession, dubbed Merged Meleiha, will be extended to 2036, with a possibile stretch to 2041. Eni operates some of Egypt’s most important oil and gas resources including the giant Zohr natural gas field, the Noor concession, and the Damietta LNG plant.

Who will own what? Eni subsidiary IEOC will own 76% of Merged Meleiha while Lukoil will hold the remaining 24%. The new concession will be operated by Agiba — a joint venture between IEOC and the EGPC.

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