Pharaonic Petroleum to pump $277 investments in FY20/21

The total output of Pharaonic Petroleum Company reached 435 million cubic feet of gas per day and about 8,000 barrels of condensates during the first half of fiscal year 2019/2020, the company’s chairman Mohamed Samir said.

The proposed plan for FY20/21 includes putting two wells Atoll-4 and Qattamiya (QTS-1) into production with investments of about $277 million to maintain current output levels, Samir added in a statement released by the Ministry of Petroleum on Monday.

Construction works at Atoll onshore field at gas treatment plant in Port Said have neared completion with a total investment cost of $41 million.