Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, stressed the importance of continuing to intensify well drilling programs and taking advantage of the opportunities available to increase production rates of oil and gas, in coordination with foreign partners and working as a team. In order to maximize oil and gas production rates to sustainably meet the needs of the local market and export the surplus, which supports the national economy.
This came during the General Assembly of the Pharaonic Petroleum Company, to approve the business results for the fiscal year 2021/2022. During the meeting, the projects that were implemented in the company were reviewed to contribute to achieving the production plan specified for the year and reducing the natural attrition rate of the producing fields. Commitment to occupational safety and health procedures and the application of requirements to preserve the environment.
Engineer Hossam Zaki, President of the Pharaonic Company, reviewed the results achieved during the year, pointing out that the planned production rates were achieved during the year by 100%, and that the total gas sold amounted to 163 billion cubic feet, in addition to more than 3 million barrels of condensate, and he explained that a number of Among the projects to enhance safety and operational efficiency, rationalize spending, raise infrastructure efficiency, and charge and store condensate, noting that the Satis field development project in the North Burj region was recently assigned to Pharaonic, with production rates estimated at about 100 million cubic feet of gas per day, and 6800 barrels of condensate per day, pointing out that The procedures for signing an agreement between Shell, BP and EGAS are currently underway to assign the Harmattan field development project in the Burj area to the Pharaonic Company, where it is planned to add an estimated production of 150 million cubic feet of gas per day and 3,000 barrels of condensate per day.
The work of the association was attended by geologist Ashraf Farag, first undersecretary of the Ministry for Agreements and Exploration, Eng. Sherif Hassaballah, Undersecretary for Petroleum Affairs, accountant Hisham Nour El-Din, head of the central administration of the Minister’s office, Eng. Alaa El-Batal, CEO of the Egyptian General Petroleum Corporation and his deputies for production, exploration, safety and industrial security, and Dr. Magdy Galal, head of the Gas Holding Company Natural “EGAS” and his deputies for production, exploration and control of joint companies and heads of Eni, BP and Shell companies in Egypt.