Pharaonic Petroleum exceeds output targets in FY 2024/25

Egypt’s Pharaonic Petroleum Company achieved 119 per cent of its approved production plan in fiscal 2024/25, with average daily output reaching 76,100 barrels of oil equivalent, the petroleum ministry said on Monday.

The results were announced during the company’s general assembly, chaired by Petroleum Minister Karim Badawy.

Pharaonic Petroleum Chairman Hossam Zaki said continued production from the Hapi and Tort fields and higher output from the Atoll field helped lift operational efficiency of production facilities to 99 per cent. Production costs fell 25 per cent per barrel of oil equivalent and 29 per cent for condensates versus plan, he added.

The company completed 3D seismic data processing over 250 square km, with initial estimates indicating 1.5 trillion cubic feet of gas in the Oligocene reservoir. A deep exploratory well is under study, Zaki said.

Pharaonic plans to re-complete the Tort-6 well and drill Zohris-3, expected to add about 100 million cubic feet of gas per day and 3,900 barrels of condensates per day to the national grid.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser