In the first half of April of the current year Petrosannan Company – a joint operating company of Naftogaz of Ukraine NJSC and Egyptian General Petroleum Corporation – received first results from well stimulations campaign started to enhance oil production from concession territory in the Western Desert of Arab Republic of Egypt. As a result of hydraulic fracturing of the wells, oil production increased by more than 20% or 600 barrels per day.

Provided that achieved production level and current oil prices ($60/barrel) are maintained Naftogaz Group will receive additional revenues from its operations of about $400,000 per month.

«One of the key vectors of the strategy of Naftogaz Group is the increasing of hydrocarbon production, both in Ukraine and from foreign assets. Only the start of the current well stimulation campaign has allowed us to increase our oil production by 20 percent. We are planning to use this experience in the future, in particular, hydraulic fracturing of the wells, at other sites operated by Naftogaz Group in the Arab Republic of Egypt», said First Deputy Head of Naftogaz Sergiy Pereloma.

Note

Naftogaz Group implements hydrocarbon exploration and production projects in the Alam El Shawish East area in the Western Desert and South Wadi El Mahareeth and Wadi El Mahareeth areas in the Eastern Desert of Egypt.