Eni make three discoveries in Egypt's western desert amounting to 50 mln barrel of oil equivalent

Ahram Online , Tuesday 26 Oct 2021

Italian energy group Eni made three oil and gas discoveries in Egypt's western desert with reserves amounting to about 50 million barrels of oil equivalent, Egypt's Petroleum Ministry announced on Tuesday.

Eni
Italy s Eni (Reuters)

In a statement, the ministry said the oil and gas were found in Meleiha and South West Meleiha concession areas in the western desert and they will add 6,000 barrels of oil equivalent per day.

In June 2020, Eni signed an agreement with the Egyptian government, 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, through its subsidiary International Egyptian Oil Company (IEOC), holds a 38 percent interest in the Mellieha concession, while Russia's oil giant Lukoil holds 12 percent and the EGPC 50 percent.

Eni has been operating in Egypt through its subsidiary IEOC Production B.V. since 1954, with the current daily production rate being 320,000 barrels of oil equivalent.

The Italian company discovered the giant Zohr gas field, the biggest in the Mediterranean, off the Egyptian coast in 2015. The discovery, which holds an estimated reservoir of 30 trillion cubic feet, has drawn the interest of investors to the country's energy sector.

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