Middle East Economic Survey

VOL. XLIX

No 5

30-January-2006

EGYPT

Lukoil Spuds Second Exploration Well In Offshore North-East Geisum BlockRussias Lukoil Overseas on 23 January announced it had spudded its second exploration well in the offshore North-East Geisum Block in the Gulf of Suez. Drilling is being conducted by the GSF-124 jack-up rig owned by Global Santa Fe in 20ms of water. Target depth for the well is 1,574ms, with completion in around 45 days. The cost of drilling the well is put at...