EGPC, LUKOIL sign MoU for oil exploration in Eastern Desert

Reuters/Amr Abdallah Dalsh

Under the agreement, the Russian company will explore and exploit oil at the West Esh El Mallaha region in Egypt’s Eastern Desert

Staff Writer, Arab Finance

February 21, 2024

PHOTO

The Egyptian General Petroleum Corporation (EGPC) has signed an oil exploration and development agreement with the Russian oil firm LUKOIL, as per a statement.

Under the agreement, the Russian company will explore and exploit oil at the West Esh El Mallaha region in Egypt’s Eastern Desert.

Moreover, LUKOIL will pump further investments to drill three development wells and change the trajectory of two wells to scale up production.

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