LUKoil Hopes For Prompt Beginning Of Extraction At Meleiha Block In Egypt - CEO

Russia's oil giant LUKoil hopes that extraction at the Meleiha Block, which the company is developing jointly with Italy's Eni and Japan's Mitsui, will start as soon as the talks with the Egyptian government are finished, LUKoil CEO Vagit Alekperov said on Friday.

TASHKENT (UrduPoint News / Sputnik - 19th October, 2018) Russia's oil giant LUKoil hopes that extraction at the Meleiha Block, which the company is developing jointly with Italy's Eni and Japan's Mitsui, will start as soon as the talks with the Egyptian government are finished, LUKoil CEO Vagit Alekperov said on Friday.

"In Northern Africa, in Egypt, there is the Meleiha project that we are now negotiating with the Egyptian government. I hope that Eni, as the project's operator, will soon finish the talks and we will start the implementation of the project," Alekperov told reporters.

The Meleiha Block is located in the Egypt's Western Desert and consists of four main fields: Aman, North-East Meleiha, West Meleiha and South-East Meleiha.

LUKoil, Eni and Mitsui are the shareholders in the joint venture on developing the block with the contract extending into 2024. Eni holds 56 percent of the shares, while LUKoil has 24 percent. The remaining 20 percent belong to Mitsui.