Italy’s Eni has signed a deal with Russia’s Lukoil and Egypt state firm EGPC to merge the Meleiha and Meleiha Deep concessions in Egypt’s Western Desert. The parties have also agreed to extend the license until 2036 with the option to extend for a further five years.

The new concession will be operated by Eni’s Egypt-focused subsidiary IEOC, with Eni holding 76% and Russia’s Lukoil the remaining 24%. Eni expects the deal to “unlock, through enhanced contractual terms, the area’s considerable resources, thanks to a high-resolution 3D seismic acquisition and an intensive exploration and development drilling campaign.” (CONTINUED - 434 WORDS)