Uchenna Izundu
International Editor
LONDON, Apr. 13 -- Egypt has extended until 2024 the length of its concession agreement with the group developing Meleiha Block in the Western Desert. The group plans to produce 840,000 tonnes of oil in 2007 compared with 800,000 tonnes in 2006.
Melehia holds 34 million tonnes of initial oil reserves. On the block are 129 operating wells that have produced more than 17 million tonnes of oil during the past 30 years.
Partners in the Meleiha production-sharing agreement are ENI Group unit IEOC Production 56%, Lukoil Overseas 24%, and International Finance Co. 20%.
Agiba—a joint venture of state-owned Egyptian General Petroleum Corp., IEOC, and IFC—operates the development project.
Contact Uchenna Izundu at [email protected].
