OAO Novatek, Russia’s second-biggest gas producer, will decide on further exploration at its development in Egypt in September after writing off some wells, Chief Financial Officer Mark Gyetvay said.
Gyetvay was speaking to reporters in London today. He didn’t say how many wells were written off as Novatek processes data from the El-Arish oil and gas project.
Novatek said in January that exploration wasn’t affected while evacuating some workers during civil unrest in the North African country. The Russian gas producer bought 50 percent of El-Arish from Egypt’s state-owned Tharwa Petroleum SAE in September 2007.