MOSCOW, Dec 24 (PRIME) -- Russian oil company Zarubezhneft has entered a shared-production agreement on the South East Ras El Ush and East Gebel El Zeit blocks on the shelf of Egypt, the company said in a statement on Tuesday.
“A production sharing agreement for the South East Ras El Ush and East Gebel El Zeit blocks was signed on December 24 in Cairo between Zarubezhneft, the oil and mineral resource ministry of Egypt, Egypt’s state oil holding company Ganope and Pacific Oil Limited,” Zarubezhneft said.
The blocks, located in the Suez Canal, hold more than 200 million barrels of oil.
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