Russian state-controlled oil company Zarubezhneft has entered into a production sharing agreement for two offshore blocks blocks in Egypt.
On December 24, 2019, in Cairo, Zarubezhneft JSC, the Ministry of Oil and Mineral Resources of Egypt, the Egyptian state holding oil company GANOPE, and Pacific Oil Limited, have signed a production sharing agreement for the South East Ras El Ush and East Gebel El Zeit blocks.
The blocks are located in the Gulf of Suez at a distance of 10 km from each other. Estimated geological resources at both blocks amount to more than 200 million barrels, the Russian company said.
In the South East Ras El Ush blocks, Zarubezhneft plans to drill a prospecting well with the construction of a pilot, main and sidetracks, as well as to re-process and comprehensively re-interpret previously conducted 2D and 3D seismic surveys. Also, to work on the block, the company is considering the possibility of attracting its own production capacities.
In the East Gebel El Zeit block, Zarubezhneft plans to implement work in the exploration and production areas, including the drilling of an exploration well in 2020.
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