Egyptian Minister of Petroleum, Tarek El Molla, headed a general assembly of Pharaonic Petroleum Company to review fiscal results for 2015/2016.

El Molla stated that the oil and gas sector is working on improving concessions and increasing local petroleum production to decrease the countries dependency on energy imports. He emphasized the importance of enhancing output in the Atoll discovery that has an estimated reserve of 1.5tcf of gas. The field’s first production is slated for the end of 2017 at a capacity is 300mcf/d of gas and 8,000 b/d of condensate, with $1.3b in investments.

Pharaonic Petroleum Company CEO, Hassan Abady, stated that the company produced 400mcf/d gas and 460 b/d of condensates and it plans to add reserves estimated between 200bcf to 500bcf of gas. During the period under review, the firm added two new wells Haby-16 and Taurt-8.

During the assembly, El Molla stressed the importance of sound Occupational Health and Safety measures necessary to ensure the safety of oil and gas workers.

The assembly was attended by the Petroleum Ministry’s First Undersecretaries, Mohamed Taher and Mohamed Moanes, as well as Egyptian General Petroleum Company’s Chairman, Tarek Al Hadidi, and Egyptian Natural Gas Holding Company’s President, Mohamed El Masry.