{"id":668611,"date":"2025-07-17T00:00:00","date_gmt":"2025-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/17\/lukoil-to-invest-usd-23-mn-in-oil-exploration-in-eastern-desert\/"},"modified":"2025-07-17T00:00:00","modified_gmt":"2025-07-17T00:00:00","slug":"lukoil-to-invest-usd-23-mn-in-oil-exploration-in-eastern-desert","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/17\/lukoil-to-invest-usd-23-mn-in-oil-exploration-in-eastern-desert\/","title":{"rendered":"Lukoil to invest USD 23 mn in oil exploration in Eastern Desert"},"content":{"rendered":"

Good afternoon, friends, and welcome to the end of the workweek. <\/strong>It\u2019s a relatively calm day at home, and we\u2019ve got some good news for you. Prime Minister Mostafa Madbouly announced earlier today that Thursday, 24 July, will be a public holiday \u2014 so start planning for that long weekend.<\/p>\n

\n

THE BIG STORY TODAY-<\/p>\n

Russian Lukoil plans to invest approximately USD 23 mn in oil exploration in <\/strong>the Eastern Desert<\/strong>, a government official told Asharq Business<\/a>. Operations are expected to focus on the South Wadi El Sahl area, located west of the Gulf of Suez. The Russian company is set to conduct a seismic survey over an area of 200 sq km, in addition to drilling six exploratory wells throughout a three-year research period in the region.<\/p>\n

\n

THE BIG STORY ABROAD-<\/p>\n

It\u2019s another day with a mixed bag of headlines in the international press<\/strong>. Among the stories getting top billing:<\/p>\n

More than 60 peopl<\/strong>e were reported dead after a massive fire broke out in a <\/strong>five-story hypermarket in Iraq.<\/strong> Authorities are still on the lookout for more bodies as 11 people remain missing, while 45 have been rescued. While the cause of the fire remains unknown, the governorate of Al-Kut city \u2014 where the hypermarket is located \u2014 filed a lawsuit against the building and mall owners. Results of a preliminary investigation will be revealed within 48 hours, Iraqi authorities said. (Reuters<\/a> | AP<\/a> | NYT<\/a> | CNN<\/a> | BBC<\/a>) <\/p>\n

\n

\n

MEANWHILE<\/strong>- US President Donald Trump took to Truth Social<\/a> on Wednesday to announce a change to Coca-Cola\u2019s recipe. The US president wrote that he had been \u201cspeaking to Coca-Cola about using real cane sugar in Coke in the United States,\" claiming the beverage manufacturer agreed to the change \u2014 yet a spokesperson for the company did not confirm the switch, according to CNN<\/a>. <\/p>\n

So, what\u2019s the OG US recipe? <\/strong>Coca-Cola sold in the US is sweetened using corn syrup \u2014 a shift away from its international counterparts, which utilize cane sugar. US Secretary of Health and Human Services Robert F. Kennedy, Jr had previously advocated against the use of high-fructose corn syrup, with a Maha report<\/a> published earlier in May noting that corn syrup contributed to child obesity, type 2 diabetes, and other chronic diseases. However, Trump\u2019s backing argument was as simple as \u201cit\u2019s just better.\u201d<\/p>\n

A bitter aftertaste for the US economy. <\/strong>Replacing high-fructose corn syrup with cane sugar might come at an economic cost. Corn Refiners Association President and CEO John Bode issued a statement<\/a> claiming that the change would impact US manufacturing jobs, slow down farm income, and \u201cboost imports of foreign sugar, all with no nutritional benefit.\u201d (Reuters<\/a> | BBC<\/a> | CNN<\/a> | AP<\/a> | FT<\/a> | Forbes<\/a>)<\/p>\n

\n
\n
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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\u2600\ufe0f <\/strong>TOMORROW\u2019S WEATHER- <\/strong>If you\u2019re not headed up north, we\u2019d suggest staying indoors tomorrow, as temperatures are set to peak at 38\u00b0C, before cooling down to 24\u00b0C. Up north, we\u2019re expecting a high of 29\u00b0C and a low of 25\u00b0C, according to our favorite weather app. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good afternoon, friends, and welcome to the end of the workweek. It\u2019s a relatively calm day at home, and we\u2019ve got some good news for you. Prime Minister Mostafa Madbouly announced earlier today that Thursday, 24 July, will be a public holiday \u2014 so start planning for that long weekend. THE BIG STORY TODAY- Russian […]<\/p>\n","protected":false},"author":1,"featured_media":668612,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[372,633,11615,91,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-668611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-eastern-desert","tag-enterprisepm","tag-lukoil","tag-oil-and-gas","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"cc6acb23-d839-4dd0-9607-ddb1df884444","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/9\/1937.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Lukoil to invest USD 23 mn in oil exploration in Eastern Desert","related_issue":[668609],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.3cb331c6-f18a-4679-958f-aa277dffbd85.mp3"},"yoast_head":"\nLukoil to invest USD 23 mn in oil exploration in Eastern Desert - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/17\/lukoil-to-invest-usd-23-mn-in-oil-exploration-in-eastern-desert\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lukoil to invest USD 23 mn in oil exploration in Eastern Desert\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, friends, and welcome to the end of the workweek. 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Italy\u2019s Eni and Russia\u2019s Lukoil plan to invest USD 700 mn to develop a natural gas processing plant in the Western Desert, said Mohamed El Kaffas, chairman of Eni joint venture AGIBA. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563056,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/a-merger-in-the-western-desert\/","url_meta":{"origin":668611,"position":1},"title":"A merger in the Western Desert","author":"enterpriseam admin","date":"16 June 2021","format":false,"excerpt":"Eni to merge two concessions in Western Desert: Eni has signed an agreement with the Egyptian General Petroleum Corporation (EGPC) and Russian multinational energy corporation Lukoil to merge its Meleiha and Meleiha Deep concessions in the Western Desert, the Italian oil and gas operator said in a statement yesterday. The\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612219,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/19\/el-sisi-ratified-the-new-building-reconciliation-act-plus-news-from-raya-auto-orascom-development-telecom-egypt-and-lukoil\/","url_meta":{"origin":668611,"position":2},"title":"El Sisi ratified the new Building Reconciliation Act. PLUS: News from Raya Auto, Orascom Development, Telecom Egypt, and Lukoil","author":"enterpriseam admin","date":"19 December 2023","format":false,"excerpt":"The new act makes it easier for people to legalize their unauthorized properties","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":674546,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/30\/what-us-sanctions-against-russias-rosneft-and-lukoil-mean-for-us\/","url_meta":{"origin":668611,"position":3},"title":"What US sanctions against Russia\u2019s Rosneft and Lukoil mean for us","author":"enterpriseam admin","date":"30 October 2025","format":false,"excerpt":"Both companies hold stakes in some of the country\u2019s biggest wells","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/10\/1693.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":668666,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/lukoil-plans-usd-23-mn-investment-in-oil-exploration\/","url_meta":{"origin":668611,"position":4},"title":"Lukoil plans USD 23 mn investment in oil exploration","author":"enterpriseam admin","date":"20 July 2025","format":false,"excerpt":"Good morning, friends, and welcome to a holiday-shortened workweek for our readers in Egypt. It\u2019s a macro-heavy kind of morning thanks to Finance Minister Ahmed Kouchouk\u2019s roadshow to London last week and the good folks at the IMF. In short order, we have for you news that the ministry hopes\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1225.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542433,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/11\/kouchouk-presents-second-package-of-tax-facilities-to-business-community\/","url_meta":{"origin":668611,"position":5},"title":"Kouchouk presents second package of tax facilities to business community","author":"enterpriseam admin","date":"11 December 2025","format":false,"excerpt":"Good morning, folks. We close out what has been a pretty slow week with a packed issue, led by last month\u2019s inflation reading, which came in lower than expected as food and beverage prices cooled, the Madbouly government working to secure lower LNG prices, and fresh renewables projects. ** A\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/12\/724.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/668611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=668611"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/668611\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/668609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/668612"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=668611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=668611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=668611"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=668611"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=668611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}