Russian Gas/Oil Drilling in Mediterranean

(Davos, Switzerland) At the World Economic Forum in Davos, a place that is absolutely infested with greenies, a surprising disclosure came from Leonid Mikhelson, CEO of the Russian energy producer, Novatek.

Later this year, Novatek will start drilling off of Egyptian coastal waters.

In September 2007, Novatek bought a 50% stake in a concession agreement for the exploration and development of the El-Arish offshore deposit in Egypt from Tharwa Petroleum S.A.E.

The offshore block covering approximately 2,300 sq km (888 sq miles) is located along the Mediterranean coast to the north of the Sinai. Half of the block lies at depths of up to 50 meters (164 ft) with the rest located as deep as 500 meters (1,640 ft).

Drill, baby, drill! is obviously understood by the Russians.