LUKoil starts exploratory drilling at Egyptian oil block

Nov 10, 2004 01:00 AM

LUKoil Overseas, a unit of Russian oil company LUKoil Holdings, began exploratory drilling on the North-East Geisum offshore block in Egypt according to schedule.
The contractor is Egyptian drilling company EDC, which owns a self-elevating floating drilling rig Senusret. Drilling will take place over the course of two months at a sea depth of 35 meters and is estimated to cost about $ 6 mm. The target well depth is 1,820 meters.

The North-East Geisum block is located in the Gulf of Suez in the Red Sea near the Egyptian coast. LUKoil Overseas acquired the right to work on this block, as well as on the neighbouring West Geisum block, in January 2003. A concession agreement between LUKoil Overseas and the Ministry of Petroleum of Egypt was signed in June 2003.
The combined expected reserves of both blocks are estimated to be 183.5 mm barrels of oil. Five oil and gas prospects have been identified within the blocks. The combined area of the blocks is 175 sq km. The exploration program for both blocks covers a period of four years and includes the drilling four exploration wells.

The first exploration well on the West Geisum block will be spud in February 2005. The initial minimal exploration investment program is planned to cost $ 27.8 mm.
Exploration at the West Geisum and North-East Geisum blocks will make it possible to merge the infrastructure on the blocks with that of the nearby WEEM field in Hurghada, which is also being developed by LUKoil Overseas.

Source: Dow Jones
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