Egypt’s parliament has approved two new oil exploration and production agreements, authorizing the Ministry of Petroleum and Mineral Resources to move forward with contracts involving Russian energy firm Lukoil.
The first agreement grants the South Valley Egyptian Petroleum Holding Company and Lukoil Overseas Egypt Ltd. exploration and production rights in the South Wadi El-Sahl region of the Eastern Desert. A second deal enables the Egyptian General Petroleum Corporation and Lukoil Egypt Ltd. to carry out similar operations in the neighboring Wadi El-Sahl area.
The agreements fall under efforts by Egypt to attract fresh investments into its upstream oil and gas sector.
Lukoil entered the Egyptian market in 1995 and has stakes in the Meleiha concession, the West Esh El Mallaha (WEEM) field and the WEEM Extension.
