In early April of this year, Petrosannan Company, a joint operator of NJSC Naftogaz of Ukraine and the Egyptian General Petroleum Corporation, carried out work to intensify oil production at the concession area in the Western Desert of the Arab Republic of Egypt. Thanks to hydraulic fracturing in pilot wells, oil production increased by more than 20% or 600 barrels per day, the press service reports.
Provided that the achieved production volumes and current oil prices ($60/barrel) are maintained, Naftogaz Group will receive additional income from the operations carried out about $400 thousand per month.
“One of the key vectors of the Naftogaz Group's strategy is to increase the volume of hydrocarbon production, both in Ukraine and at foreign assets. Only the beginning of the current well stimulation campaign allowed us to increase oil production by 20%. We plan to further use the experience gained, in particular, in hydraulic fracturing, in other areas operated by the Naftogaz Group in the Arab Republic of Egypt,” Serhii Pereloma, First Deputy Chairman of the Management Board of Naftogaz said.
As reported, Naftogaz and the Egyptian General Oil Company discussed the implementation of a joint project.