Naftogaz Group ramped up oil production from its assets in the Western Desert of Egypt by more than 20% or 600 barrels per day (bbl/d), a press release reported.
Accordingly, Naftogaz Group is expected to earn additional revenues from its operations of about $400,000 per month, if current oil prices as $60 per barrel and the current production levels are sustained.
First Deputy Head of Naftogaz, Sergiy Pereloma, stated: “One of the key vectors of the strategy of Naftogaz Group is the increasing of hydrocarbon production, both in Ukraine and from foreign assets. Only the start of the current well stimulation campaign has allowed us to increase our oil production by 20 percent. We are planning to use this experience in the future, in particular, hydraulic fracturing of the wells, at other sites operated by Naftogaz Group in the Arab Republic of Egypt.”
It should be noted that Petrosannan Company, a joint operating company of Naftogaz of Ukraine NJSC and Egyptian General Petroleum Corporation (EGPC), received preliminary results on the first of April, 2021 from well stimulations campaign launched to boost oil production from concession territory in the Western Desert of Egypt
Additionally, Naftogaz Group implements hydrocarbon exploration and production projects in the Alam El Shawish East area in the Western Desert, South Wadi El Mahareeth, and Wadi El Mahareeth areas in the Eastern Desert of Egypt.