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Ukraine to prospect for oil in Egypt

February 10, 2012, 3:03 UTC+3
The 28-year agreements envisage three-year prospecting period
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KIEV, February 10 (Itar-Tass) —— Ukraine signed two concession agreements to develop and operate oil and gas fields in the Eastern desert of Egypt, Naftogaz of Ukraine Company said on Thursday.

The 28-year agreements envisage three-year prospecting period. The payback period is estimated at eight years. The extractable reserves in both fields are estimated at not less than 364 million tons which exceeds the reserves in Ukraine’s mainland 4.5 times.

Ukraine is to receive up to 25 percent of produced oil or gas depending on production volumes. Naftogaz said it plans in six years to produce 1.7 million tons of oil a year. Production is expected to peak after 8-9 years to 31.5 million tons a year.

Naftogaz has been engaged in hydrocarbon field development in the Western desert of Egypt since 2006. Commercial production began there in April 2010. The company is also prospecting for oil and gas in the United Arab Emirates.


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