Lukoil Spuds Second Well on Egyptian Shelf

Lukoil has started drilling its second exploration well at North-East Geisum offshore block in the Gulf of Suez in the Red Sea.

The well is being drilled by GlobalSantaFe's jackup, GSF Rig 124. The well will take approximately 45 days to be drilled. The target well depth is 1574 meters.

Lukoil Overseas was granted the right to operate on North-East Geisum, as well as on the neighboring West Geisum block in January 2003, based on the open tender arranged by the Egyptian General Petroleum Corporation (EGPC). A concession agreement between Lukoil Overseas and the Egyptian Ministry of Oil was signed in June 2003. The first exploration well in North-East Geisum was drilled at the end of 2004, having shown the presence of hydrocarbons in the cross-section.

The total in-place reserves of both blocks are estimated at 261 million barrels of oil (on average). Two oil and gas prospects have been identified within the blocks. The total area of the blocks is 132 square kilometers.

The exploration program for both blocks covers a period of four years and particularly includes drilling of four exploration wells in the second work stage. The initial minimal exploration investment program is planned at US $27.8 million.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Well Monitoring Specialist
Expertise: WellSite Supervisor
Location: Houston, TX
Chief Mechanic (6th Gen Drillship)(Contract)
Expertise: Rig Mechanic
Location: Houma, LA
ET (Deepwater Drillship)
Expertise: Rig Electrician
Location: Houma, LA
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours