Minister of Petroleum and Mineral Assets Karim Badawi oversaw the signing of a brand new oil exploration and manufacturing (E&P) concession settlement within the South Wadi Al-Sahl space of the Japanese Desert. The settlement was formally signed by Ganoub El Wadi Petroleum Holding Firm’s (Ganope) and Russia’s Lukoil Abroad Egypt Restricted. Its collaborative work program outlines a 3D seismic survey protecting an space of 200 sq. kilometers, alongside the drilling of six exploratory wells in the course of the preliminary exploration phases.
Badawi stated that this settlement aligns with Egypt’s technique to maximise the utilization of pure assets and broaden the geographical scope of exploration actions. This transfer is predicted to contribute considerably to securing native market wants and attracting international funding.
Due to its proximity to improvement areas, manufacturing strains, and processing crops, the South Wadi Al-Sahl space is taken into account promising. These options are anticipated to cut back drilling prices and improvement actions.
This settlement spotlights Lukoil’s enlargement within the Egyptian petroleum market. The corporate has beforehand secured the Wadi Al-Sahl improvement space, which was supplied within the latest mature fields bid spherical.
Lukoil plans to implement a complete exploration and improvement program in each South Wadi Al-Sahl and Wadi Al-Sahl areas. That is along with persevering with its operations within the neighboring West Esh El-Mallaha (WEEM) concession space and its partnership with Eni within the built-in Meleiha improvement space within the Western Desert, the place it not too long ago made a number of profitable discoveries.
Lukoil is a Russian multinational power company primarily based in Moscow. It specializes within the extraction, manufacturing, transportation, and sale of petroleum, pure gasoline, petroleum merchandise, and electrical energy.
