Russia’s Lukoil Expands Egyptian Footprint with Major Desert Exploration Deal
Minister of Petroleum and Mineral Resources Karim Badawi has overseen the signing of a significant exploration and production concession agreement between Ganoub El Wadi Petroleum Holding Company (Ganope) and Russia’s Lukoil Overseas Egypt Limited for the South Wadi Al-Sahl area in the Eastern Desert.
The comprehensive work program includes a 3D seismic survey covering 200 square kilometers and the drilling of six exploratory wells during initial exploration phases. The agreement aligns with Egypt’s strategy to maximize natural resource utilization while attracting foreign investment to secure local market needs.
The South Wadi Al-Sahl area offers promising prospects due to its proximity to existing development regions, production lines, and processing plants, which are expected to reduce drilling costs and development activities. This agreement highlights Lukoil’s expanding presence in the Egyptian petroleum market, complementing its existing operations in the West Esh El-Mallaha concession and partnership with Eni in the Meleiha development area.
Source: egyptoil-gas.com
