Pharaonic Petroleum Company finalized the third phase of its development operations for Ras El Bar field located in Ras El Bar Concession in Nile Delta with an investment of $265m as the company succeeded in producing 110mcf/d of natural gas, which is expected to increase to 500mcf/d, reported Egypt Oil$Gas.
Moreover, Egypt Oil&Gas informed that another Egyptian company, North of Sinai Petroleum Company (NOSPCO) has completed phase 2B of the development of North Sinai field with total investments of $48m as it succeeded in producing 70mcf/d of natural gas. The company is expected to increase the field’s total production to 200mcf/d of natural gas in 2017.
NOSPCO has also started its development plans for its Taw field in the Mediterranean Concession in the fiscal year 2016/2017 to increase natural gas production to 230mcf/d.
The Egyptian General Petroleum Corporation (EGPC) along with its foreign partners further aim to boost crude oil and condensates production to an average of 695,000b/d of oil and 4.7bcf/d of natural gas during the fiscal year 2016/2017.