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NAK Naftogaz Ukrainy will bid in a tender to develop and exploit deposits in Egypt and Algeria

August 18, 2009

NAK Naftogaz Ukrainy, a national stock company, plans to expand its presence abroad. The company is currently preparing documentation to participate in tenders to develop oil and gas deposits in Egypt and Algeria. The invitations to tender came from ALNAFT, Algeria’s state agency, which is involved in exploiting hydrocarbon resources, and Egypt’s Ganope company.

Ukraine’s planned strategy should theoretically ensure that Ukrainian companies participate in the development of hydrocarbon deposits in Egypt, the UAE, Algeria, Iraq, Iran, Libya, and the Russian Federation. The assumption is that this strategy will lead to the extraction of 10mn tonnes of oil and gas condensate, as well as 10bn cu m of gas abroad by 2030.

Non-domestic projects present very attractive opportunity for NAK Naftogaz Ukrainy to expand its resource base. Still, North Africa is attractive to many foreign companies as well, while NGU, in contrast to most of them, is forced to get official approval of its estimated expenditures.

Tags: NAK Naftogas, oil, gas