Kremlin says world chess tournaments should go as planned despite FIDE’s presidential rowSport March 27, 19:32
Ukrainian politician says Kiev turns deaf ear to public pleas to end Donbass blockadeWorld March 27, 19:17
Serbia to get Russian MiG-29 fighter jets 'within weeks'Military & Defense March 27, 18:51
Putin wants Russian Guard to ensure security at FIFA World CupMilitary & Defense March 27, 18:35
Russia's Novatek to invest almost $417 million in shipyard for Arctic projectsBusiness & Economy March 27, 18:34
Expert notes China’s new Silk Road plan should address geopoliticsWorld March 27, 18:03
Russia's most bloodthirsty serial killersWorld March 27, 17:36
UK foreign secretary postpones visit to MoscowWorld March 27, 17:33
Putin to discuss steps to improve living standards in Arctic at international forumBusiness & Economy March 27, 17:18
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.