Egypt

Pharaonic Petroleum Records 76,100 boe/day Output and 25% Cost Savings in FY 2024/2025 Results

Published on : 2025-09-15

During the General Assembly of Pharaonic Petroleum Company for fiscal year 2024/2025, held via video conference, Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, praised the company’s efforts in energy efficiency. He highlighted its recognition among the top five companies in occupational safety and health, in line with the Ministry’s fifth strategic pillar focused on safety, energy efficiency, and emissions reduction.

The Minister stressed the importance of expediting the implementation of strategic projects, particularly the ozoris and Atoll fields, and connecting their production to the national grid, reaffirming the Ministry’s full support for this direction.

On his part, Eng. Hossam Zaki, Chairman of Pharaonic Petroleum, reported that the company achieved 119% of the approved production plan, with an average daily output of 76.1 thousand barrels of oil equivalent. He noted the continuation of production from legacy wells in the Habi and Tort fields, alongside increased output from the Atoll field. Operational efficiency of production facilities reached 99%, while production costs decreased by 25% per barrel of oil equivalent and 29% for condensates, compared to plan.

In exploration, the company completed 3D seismic data processing over an area of 250 km². Preliminary assessments revealed promising prospects within the Oligocene reservoirs, estimated at 1.5 trillion cubic feet of gas. Current efforts are focused on analyzing and interpreting seismic data to evaluate the feasibility of drilling a new deep exploratory well.

Regarding development opportunities, the company is preparing to re-complete the Tort-6 well and drill the Zohris-3 development well, both expected to add approximately 100 million cubic feet of gas per day and 3,900 barrels of condensates per day to the national grid.

Representatives of partner companies — Eni’s IEOC Production, BP, and Arqos (UAE) — reaffirmed their commitment to accelerating project execution in line with schedules and at minimal costs, while commending the support provided by the Ministry of Petroleum.

At the conclusion of the meeting, Minister Karim Badawi underscored the abundance of investment opportunities in Egypt and expressed hope that Arqos would achieve a notable success story through upcoming exploration activities.

Egypt Gas Celebrates 42 Years with Employee Recognition Ceremony

The event was attended by Eng. Mohamed Hassan Kandil, Chairman and Managing Director, senior executives, managers, and a large number of employees, along with the outstanding sons and daughters of Egypt Gas.