The Egyptian General Petroleum Corporation (EGPC) finalized the procedures of launching the joint firm with Naftogaz of Ukraine, after the late discovery it made in Abo Senan in the Western Desert.
The company is named PetroSenan.
Eng. Abdul Khaleq El Tahawy, former operation manager at SUCO, was named the Chairman of the new company.
Earlier, Naftogaz paid a $3 million Signature Bonus to EGPC for drilling and exploration in the area of Abo Senan in the Western Desert, which shortly expects more discoveries in the area.
Previously, Eng. Sameh Fahmy, The minister of petroleum, approved on turning nine blocks of Naftogaz to Oil development, which includes HG34/1, HG34/2, HG34/3, HG34/4 wells. The proven reserve reached 3.4 million barrels of oil and 71.3 billion cubic feet of gas in the formation of Abo Rawash and Bahrya. The total space of the new contract, which is called the development contract HG, 27 kilometers.