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Russia's LukOil firm begin drilling in Egypt

SPECIAL TO WORLD TRIBUNE.COM
Monday, November 15, 2004

CAIRO Russia's leading oil firm has begun drilling for oil in Egypt.

LukOil has begun drilling the first appraisal well in what could be a $400 million project in Egypt. The 1,820-meter well was located at the Northeast Geisum oil field near the Gulf of Suez.

In February 2005, LukOil plans to drill in the West Geisum oil field in the Gulf of Suez. The well was to have begun in 2004, Middle East Newsline reported. The two Geisum wells were said to contain up to 420 million barrels of oil.

"The exploration program for both blocks covers a period of four years and includes drilling of four exploration wells," LukOil said in the statement.


Copyright 2004 East West Services, Inc.

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