|Naftogaz Ukrayiny expects to start oil production in Egypt this year|
Journal Staff Report
Naftogaz Ukrayiny forecasts a start to oil production in Egypt this year, deputy head Yuriy Kolbushkin said at an expanded session of the Fuel and Energy Ministry board on Thursday. Naftogaz Ukraine and Egyptian General Petroleum Corporation signed a concession agreement in December 2006 for exploration and development of oil and gas fields at the eastern portion of Alam El Shawish East. Recoverable oil reserves were estimated by Naftogaz Ukraine subsidiary Naukanaftogaz at 73.5 million tons.