Ukraine May Start Oil Extraction in Egypt in 2008

Excerpt from report by Interfax-Ukraine news agency

Kiev, 14 February: Ukrainian national oil and gas company Naftohaz Ukrayiny forecasts that it will start oil extraction in Egypt in 2008, the company’s deputy board chairman Yuriy Kolbushkin said during and extended meeting of the Fuel and Energy Ministry’s board.

“Our prospect is Egypt…[ellipsis as published] I think we will have the first blow-out by the end of the year,” he said.

Kolbushkin said that company’s specialists are carrying out technical works at the moment.

It was earlier reported that Naftohaz Ukrayiny and Egypt General Petroleum Corporation signed concession agreement in December 2006 on exploration and exploitation of oil and gas fields at Alam El Shawish East block.

[Passage omitted: background]

In October 2004, Naftohaz Ukrayiny and Libyan National Oil Company signed a production-sharing agreement for drilling at four oil blocks in Libya. But the agreement has not been ratified by the Libyan government so far.

[Passage omitted: background]

Originally published by Interfax-Ukraine news agency, Kiev, in Russian 1129 14 Feb 08.

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