Italian oil major Eni has said that AGIBA, its joint venture with Egyptian General Petroleum Corporation, on Thursday reached 500 mmbbl of cumulative production
The 37-year-old venture has seen a recent boost in production through discoveries in the western desert of Egypt, such as the Rosa North, Emry Deep and Melehia West Deep.
The company said that it would make investments to explore the Melehia concession in the western desert of Egypt over the next four years after tasting success with giant discoveries in Egypt and Mozambique in recent years.
A concession is an exploration grant given by a government, usually in exchange for a bonus, license fee and royalty or a production sharing deal.
Eni said last month that it expects capital expenditure of about US$9.85bn in 2018, a slight increase from the US$9.36bn it spent in 2017.
