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.