Naftogaz and GANOPE will jointly develop two oil blocks in Egypt

National Joint Stock Company (NAC) "Naftogaz of Ukraine", the Egyptian state-owned Ganoub El-Wadi Petroleum Holding Co (GANOPE) and the Ministry of Petroleum of Egypt on February 7 signed the concession agreement for the exploration and subsequent operation of two hydrocarbon blocks Wadi Mahareeth № 8 and number 9, located in the Eastern Desert of Upper Egypt.

According to the press service of the Ministry of Foreign Affairs of Ukraine, the area of the concession area is more than 20 thousand square meters. km.

"Participation in the project is a unique opportunity for Ukraine to gain a foothold in the segment of the oil and gas in North Africa with a view to implementing similar projects in other countries in the region," — said in a statement.

Previously, "Naftogaz" has explored geological and geophysical data and prepared the feasibility study the feasibility of investment in the development of the license block number 8 South Wadi Mahareeth and number 9 Wadi Mahareeth (both Eastern desert) Egyptian state-owned GANOPE. Projects concession agreements for exploration and exploitation of the license blocks were initialed by Egypt, GANOPE, "Naftogaz" and its subsidiary "Zarubezhnaftegaz."

As reported, "Naftogaz of Ukraine" from April 2010 is engaged in commercial production of oil in the concession area Alam El Shawish East in the western part of Egypt.

The concession agreement for exploration and exploitation of the eastern bloc Alam El Shawish East a total area of 994 square meters. km concluded in December 2006. Ukrainian state holding at the end of December 2011 is extracted in Egypt more than 685 thousand barrels of crude oil.

The total reserves of hydrocarbons three fields operated by the NAC as part of the project to develop the concession area Alam El Shawish East estimated 10 million tons. In addition, an evaluation of reserves on two more fields, intended to develop the company in Egypt.

"Naftogaz of Ukraine" brings together the country’s largest oil and gas companies. Has a monopoly on the transit and storage of natural gas in underground storage, and transportation of oil by pipeline through the territory of Ukraine.

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