Egypt’s parliament has approved two new oil exploration and production agreements, paving the way for the Ministry of Petroleum and Mineral Resources to finalize contracts with Russian energy major Lukoil.
The first agreement grants exploration and production rights in the South Wadi El-Sahl region of the Eastern Desert to the South Valley Egyptian Petroleum Holding Company and Lukoil Overseas Egypt Ltd.
The second agreement authorizes a joint venture between the Egyptian General Petroleum Corporation and Lukoil Egypt Ltd. to operate in the adjacent Wadi El-Sahl area.
These agreements form part of Egypt’s broader strategy to attract new foreign investment into its upstream oil and gas sector.
Lukoil, which entered the Egyptian market in 1995, currently holds interests in the Meleiha concession, the West Esh El Mallaha (WEEM) field, and the WEEM Extension.
