Egypt’s parliament has approved two strategic oil exploration and production agreements with Russian energy powerhouse Lukoil, marking a significant step in Egypt’s push to revitalize its upstream petroleum sector.
The landmark deals authorize the Ministry of Petroleum and Mineral Resources to proceed with exploration contracts involving South Valley Egyptian Petroleum Holding Company and Lukoil Overseas Egypt Ltd. in the South Wadi El-Sahl region of the Eastern Desert. A complementary agreement enables the Egyptian General Petroleum Corporation and Lukoil Egypt Ltd. to conduct similar operations in the neighboring Wadi El-Sahl area.
These approvals form part of Egypt’s broader strategy to attract fresh capital into its hydrocarbon industry. Lukoil, which first entered the Egyptian market in 1995, already maintains significant stakes in the country’s Meleiha concession, the West Esh El Mallaha (WEEM) field and the WEEM Extension.
Source: Energy Capital And Power
