Russia’s Lukoil to invest $73M in Egypt’s West Esh El Mallaha oil field

Updated 12/19/2023 7:53:00 AM
Russia’s Lukoil to invest $73M in Egypt’s West Esh El Mallaha oil field

Arab Finance: The Russian energy firm Lukoil will invest $73 million to develop the oil reserves and increase the production capacity of the West Esh El Mallaha oil field in Egypt’s Eastern Desert, Al Borsa News reported, citing a document by Ministry of Petroleum and Mineral Resources.

The company is seeking to extend the 25-year concession contract signed previously with the ministry, which expired recently, for another five-year period, as per the document.

The document added that the Russian company would proceed with financing Esh El Mallaha Petroleum Company (Eshpetco), including the work program and labor costs.

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