Eni Inks New Oil, Gas Agreement in Egypt

Eni on Friday said 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 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.

“This new acquisition adds to the list of exploration successes achieved in the area over the past two years and further strengthen Eni’s position in Egypt,” Eni said.

The Italian firm in September it had been awarded three new exploration licenses in the Western Desert in bids held in December of last year. The company was also awarded Block 9 and Block 8, located in deep offshore waters of the Mediterranean Sea, near the boundary with Cypriot waters.