Russian Zarubezhneft joins two offshore oil blocks in Egypt

Russian state-owned energy company Zarubezhneft has joined two offshore oil concessions in Egypt under a production-sharing agreement, Reuters’ Arabic service reports, without disclosing the value of the agreement or the other party. The report indicates that one of the blocks is in southeast Ras El Ush and the other is East of Gabal El Zeit with combined resources estimated at 200 mn barrels. During the Russia-Africa summit in October, Zarubezhneft said it will sign two agreements with Pacific Oil and South Valley Egyptian Petroleum Holding Company (Ganope), which had just been licensed for oil E&P operations in Ras El Ush in November. Zarubezhneft also plans to drill two exploration wells in the two blocks.