VOL. XLVI

No 26

30-June-2003

EGYPT

Lukoil Wins Two Gulf Of Suez Exploration Blocks

Lukoil, through its local subsidiary Lukoil Overseas Egypt, has signed a concession agreement with the government for two exploration blocks in the Gulf of Suez tendered in the 2002 licensing round (MEES, 20 May 2002). The company, which paid a $1mn signature bonus for the blocks, will spend $10.4mn drilling three wells and reprocessing 3D seismic data for the 82 sq km Northeast Geisum block and will spend an...