National Joint-Stock Company Naftogaz of Ukraine is planning to produce about one million tons of oil at oil fields in Egypt in 2012, Ukrainian Minister of Energy and Coal Industry Yuriy Boiko has said, according to UKRINFORM.

"Next year we are planning to switch to the production of about one million tons of oil at the fields that we took under concession there," he said.

In 2010, Naftogaz drilled 12 wells at these fields and switched to the commercial production of oil. "We have already extracted the first 100,000 tons of oil, and if not for certain events [civil unrest], we would have taken it out of the country," Boiko said.

He said that Naftogaz of Ukraine was the only company that has not stopped oil production in Egypt during the riots in the country.

As reported, Naftogaz of Ukraine is engaged in commercial oil production at the concession area Alam El Shawish East in the western part of Egypt. Over the period of project implementation, the company has drilled 14 exploratory wells and opened five deposits of hydrocarbons. Total upstream oil and gas reserves at the three fields are estimated at 10 million tons of standard fuel.

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