According to reports by the Egyptian newspaper Al-Mal, citing high-ranking sources, the region in question is South Wadi El-Sahl, located west of the Suez Gulf. The Russian oil giant, LUKOIL, has allegedly reached agreements with the Egyptian Ministry of Petroleum and Mineral Resources, as well as the South Valley Egyptian Petroleum Company, Ganope. The online portal Neftegas.ru notes that the new concession is situated near existing LUKOIL facilities in Egypt, where the company has a strong presence.
The portal reports: “According to the Egyptian oil field development map for February 2025, created by the country’s oil ministry, LUKOIL will participate in the development of the South Wadi El-Sahl concession, located west of Hurghada. It is expected that the intention agreement for the project will be signed during the Egypt Energy Show (EGYPES), which will take place from February 17 to 19, 2025, in Cairo.”
LUKOIL has been present in Egyptian oil fields since the 1990s, particularly in the Meleiha project in the Western Desert, the WEEM project in the Eastern Desert, 8 kilometers from Hurghada and in the development of oil reserves within the West Ash El Mallah Extension project, also known as WEEM Extension.