BusinessEgypt

Italy’s Eni signs new concession agreement in Egypt

Eni an Italian multinational oil and gas company  said on friday it signed a new concession agreement to operate in the South-West Melehia block in the Western Desert of Egypt, following the Egyptian General Petroleum Corporation (EGPC) 2013 international competitive bid round.

"South-West Melehia is operated by Eni through its subsidiary IEOC, which holds a 100% stake", the company added in a statement .

The block covers an area of 2,058 square kilometers and is located immediately south of Melehia license, operated by Agiba, a joint venture of IEOC and EGPC which manages Eni’s operations in the Western Desert , Eni explained  .

Eni has been present in Egypt since 1954 and is the main producer of oil in the country, with an equity of approximately 210,000 boed.

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