Ukraine is planning to increase its own oil production, first and foremost, through the development of the Subotynske oil field on the Ukrainian shelf of the Black Sea and oil fields in Egypt, where Naftogaz of Ukraine is working on a concession basis.

Ukrainian Minister of Energy and Coal Industry Yuriy Boiko announced this on the Shuster Live program on the First National TV Channel on Friday. “The task of any government is to increase domestic production. This year we will start drilling work at the main field in the Black Sea – the Subotynske oil field. We are increasing production in Egypt, where we received two more oil blocks,” Boiko said.

He said that Ukraine currently produces about four million tons of oil, while its demand is 15 million tons. As reported, on February 7, 2012, the Arab Republic of Egypt (ARE), Zakordonnaftogaz, Naftogaz of Ukraine and Ganoub El Wadi Petroleum Holding Company signed two concession agreements on the exploration, development and operation of oil and gas fields at the Wadi El Mahareeth and South Wadi El Mahareeth oil blocks in the Eastern Desert in Egypt.

The mining resources of oil at the Wadi El Mahareeth and South Wadi El Mahareeth blocks, according to an assessment made by Naukanaftogaz and confirmed by the conclusion of the State Commission of Ukraine on Mineral Resources, are estimated at no less than 244.42 million tons and 119.4 million tons respectively, which exceeds the resource base of land in Ukraine by 4.5 times.

Source: NRCU – Ukrainian Radio