The average production of Egypt’s Pharaonic Petroleum Company is currently estimated at around 400 million cubic feet of gas and 460 barrels of condensates, Chairman Hassan Abady stated Wednesday.
He added that the company is currently studying a number of exploration projects to add reserves of 200-500 billion cubic feet of gas during fiscal year 2016-17.
Chairman Abady showcased company’s plans to link Rahmat fields in North Alexandria during financial year 2017-18 with the production facilities of Rashid Petroleum (Rashpetco) to boost reserves estimated at 710 billion cubic feet of gas and 80 million barrels of condensates.
The chairman made these remarks during the meeting of company’s general assembly to approve the business results of financial year 2015-16.
The meeting was attended by Egyptian Petroleum Minister Tarek El-Molla, CEO of the Egyptian General Petroleum Corporation (EGPC), Tarek El Hadidi, and Head of Egyptian Natural Gas Holding Company – EGAS, Mohamed Al-Masry.