REGIONS OF ACTIVITY

EXPANSION INTO NEW MARKETS

According to the adopted strategy for expanding the geography of activities, the Company entered the new markets of Uzbekistan and Egypt in 2019.

In March 2019, JV ANDIJANPETRO LLC was established in Uzbekistan together with the enterprise Uzbekneftegaz. The company produces oil at three existing fields: South Alamyshyk, Khartoum, and East Khartoum. The goal of the joint venture is to increase the current level of oil production in the fields by more than three times.

On December 24, 2019, a production sharing agreement for South East Ras El Ush and East Gebel El Zeit blocks was signed in Cairo between Zarubezhneft JSC, the Ministry of Oil and Mineral Resources of Egypt, the Egyptian state oil holding company Ganope, and Pacific Oil Limited. The blocks are located in the Gulf of Suez 10 km from each other. The estimated in-place resources at both blocks are over 200 MM barrels. Zarubezhneft JSC plans to drill an exploration well and construct main and side holes, and to reprocess and interpret the previous 2D and 3D seismic survey data. In 2020, drilling of an exploration well is planned in East Gebel El Zeit block.

In 2019 the Company entered the new markets of Uzbekistan and Egypt
+4%
Hydrocarbons reserves increase in 2019
+ 3.6 ММ  t.o.e.
In 2019 the Company entered the new markets of Uzbekistan and Egypt
+4%
Hydrocarbons reserves increase in 2019
+ 3.6 ММ  t.o.e.