Home
/
News
/

Naftogaz Inks USD 30 mln Exploration Deal With Egypt

Naftogaz Inks USD 30 mln Exploration Deal With Egypt

18 December 2008

According to a press release by Naftogaz Ukrainy, the company has signed a 27-year exploration and production agreement with the Egyptian government to explore a 980 sq km area in the eastern part of Egypt’s gas-rich western desert of Alam El Shawish. Naftogaz, which will drill 12 exploratory holes, estimates the area’s reserves at around 73.5 mln tones (542 mmboe), almost equal to Ukraine’s total reserves. The agreement calls for Naftogaz to open a JV with the Egyptian General Petroleum Corporation and invest about USD 20.2 mln to explore the area’s oil/gas fields over the next three years. Naftogaz is entitled to 15%-19% share of the field’s output, which is expected to be about 2 mln tones of oil per year.   

Latest News

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...