Russian oil company Lukoil and Egypt's Ganoub El Wadi Petroleum Holding Company (Ganope) have signed an agreement for oil exploration and production in the South Wadi El-Sahl area of the Eastern Desert. This was announced in a press release by Egypt's Ministry of Petroleum and Mineral Resources.
"This agreement is part of the first strategic direction of the Ministry of Petroleum, aimed at meeting citizens' needs for petroleum products at minimal costs through increased production and intensified drilling and exploration programs," the statement explained.
The agreement was signed by Lukoil Overseas Egypt Limited, the Egyptian division of the Russian company. The project encompasses a three-dimensional seismic survey covering an area of 200 square kilometers, along with the drilling of six exploratory wells during the research period.
Previously, NJ Ayuk, Chairman of the African Energy Chamber, mentioned in an interview with "African Initiative" that Africa urgently needs the development of oil and gas fields and that Russian companies like Gazprom, Lukoil, and Rosneft could play a crucial role in securing the continent's energy future.
Alina Makeeva
