Lukoil begins drilling program on Egyptian shelf

Nov. 11, 2004
Russia's Lukoil Overseas Holding Ltd. has begun a $6 million drilling program on the North-East Geisum Block in the Gulf of Suez off Egypt.

By OGJ editors

HOUSTON, Nov. 10 -- Russia's Lukoil Overseas Holding Ltd. has begun a $6 million drilling program on the North-East Geisum Block in the Gulf of Suez off Egypt. Egyptian Drilling Co. will use its Senusret jack up for the 2-month project. The well will be drilled in 35m of water to a target depth of 1,820 m.

The project is part of a $27.8 million, 4-year exploration program in which Lukoil will drill four wells on the block and adjacent West Geisum Block. The first well on the West Geisum Block will be spudded in February 2005.

Lukoil said five oil and gas prospects have been identified on the blocks, which have a combined area of 175 sq km.