By Giulia Petroni
Eni SpA said Tuesday that it has signed an agreement with the Egyptian General Petroleum Corporation and Lukoil PJSC for the merger of two concessions in the country's western desert.
The Italian oil-and-gas major said the concessions of Meleiha and Meleiha Deep will be merged and extended to 2036, with the possibility of a further stretch to 2041.
The new concession, called Merged Meleiha, will be operated by Agiba--the joint venture between Eni's subsidiary IEOC Production BV and the Egyptian General Petroleum Corporation. IEOC holds a 76% interest in the concession, while Russia's Lukoil holds the remaining 24%.
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(END) Dow Jones Newswires