Minister of Petroleum and Mineral Resources Tarek El Molla chaired the general assembly of Agiba and Pharaonic Petroleum to approve the results of the work of the fiscal year 2022/23.

The total natural gas production of Agiba Petroleum Company and Pharaonic Petroleum Company (PHPC) reached 205 million cubic feet per day during FY 2022/2023, said the Petroleum and Mineral Resources Ministry. 

In statements Sunday, Petroleum and Mineral Resources Minister Tarek al-Molla said that the petroleum ministry is currently intensifying its exploration activities in petroleum and natural gas, with the aim of increasing production rates and meeting the demands of the local market.

Egypt owns huge petroleum capabilities and a strong infrastructure that enables it to implement ambitious programs and plans to increase production, which is one of the work’s priorities, he further said.

The minister, meanwhile, extended thanks to the employees at Agiba Petroleum Company and PHPC over the distinguished performance rates and their commitment toward implementing work plans and attaining the highest health and safety standards.