Naftogaz signs concession agreement for two Egypt hydrocarbon blocks

Ukraine’s national oil and gas company Naftogaz Ukrayiny, Egyptian state-owned company Ganoub El-Wadi Petroleum Holding (GANOPE) and the Egyptian Oil Ministry on February 7 signed a concession agreement on developing and subsequently operating two hydrocarbon blocks, Wadi Mahareeth No.8 and No.9, located in the Eastern Desert of Upper Egypt.

According to a statement by Ukraine’s Foreign Ministry, the concession territory covers an area of over 20,000 square kilometers.

“Participation in the project is a unique opportunity for Ukraine to gain a foothold in North Africa’s oil and gas production segment, with a view to implementing similar projects in other countries in the region,” the statement said.

Source: UkrainianJournal


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