OREANDA-NEWS. The Extension of the Concession Agreement on the Meleiha Block in the Western Desert as ratified by the Parliament of the Arab Republic of Egypt has come into effect.

The extension of the Concession Agreement is valid till 2024.  The fundamental document of the concession, the Production Sharing Agreement, was ratified by the Parliament of the Egypt and came into force on August 30, 1978.

Parties to the PSA include IEOC Production (subdivision of ENI Group) with 56% share, LUKOIL Overseas (24%) and International Finance Company (IFC), which holds 20% share.

The development project is operated by Agiba, a joint venture of the state-owned Egyptian General Petroleum Corporation (EGPC), IEOC and IFC.