Eni Makes 3 New Oil Discoveries in Egypt's Western Desert

The Egyptian Ministry of Petroleum announced, on Tuesday, that the Italian energy group "Eni", has discovered three oil and gas in Egypt's Western Desert with reserves amounting to about 50 million barrels of oil equivalent.

The ministry said in a statement that oil and gas were found in the Meleiha concession and southwest of Meleiha 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 to merge the Meleiha and Meleiha concessions deep in Egypt's Western Desert and extend them until 2036, with access until 2041.

Eni holds a 38% stake in the Meleiha concession, through its subsidiary Egyptian International Oil Company (IEOC), while Russian oil giant Lukoil owns 12% and the Egyptian General Petroleum Corporation holds the other 50%.