Egypt’s parliament approved two new oil exploration and production agreements, allowing the Ministry of Petroleum and Mineral Resources to finalize contracts with Russian energy giant Lukoil.
The first deal grants exploration and production rights in the South Wadi El-Sahl region of the Eastern Desert to South Valley Egyptian Petroleum Holding Company and Lukoil Overseas Egypt Ltd.
A second agreement authorizes the Egyptian General Petroleum Corporation and Lukoil Egypt Ltd. to operate in the neighboring Wadi El-Sahl area. These deals are part of Egypt’s strategy to attract new investments into its upstream oil and gas sector.
Lukoil, which entered the Egyptian market in 1995, currently holds interests in the Meleiha concession, the West Esh El Mallaha (WEEM) field, and the WEEM Extension.
source: africanminingmarket.com
African Energy Council