The state-owned Russian company Zarubezhneft announced that it has joined the drilling of two exploratory offshore blocks in Egypt under a production sharing agreement (PSA), Reuters reported.
The company said that one of these two blocks is in southeast Ras El Ush and the other is East of Gabal El Zeit. Their resources are estimated to be more than 200 million barrels.
Zarubezhneft said in the Russia-Africa summit held in October 2019, that it intends to sign two agreements with Pacific Oil and South Valley Egyptian Petroleum Holding Company (Ganope).
One of them is for exploration and production (E&P) operations in Ras El Ush and the other for sharing production with Ganope.