The Chairman of North Sinai Petroleum Company (NOSPCO) Mohamed El Degheidy has announced that the company will pump $88 million for the development of the fourth phase of the offshore north Sinai fields, noting that the company has invested $1.2 billion since its establishment.

El Degheidy said that during the inspection tour made by Mohamed Roshdy, Vice Chairman for Production and Fields Development of the Egyptian Natural Gas Holding Company (EGAS), and Ashraf Ramadan, Assistant Chairman for Occupational Health & Safety at EGAS, to the company’s fields to follow up the operation and workflow there.

They visited the rig Cairo-2 and reviewed the drilling operations at the Aton-1 well, the second well in the third phase development project (3-b) for the fields for offshore north Sinai fields and it is targeted to start production at a rate of 20 million cubic feet per day (mmcf/d). The initial production of the well was started in June 2024, at a rate of 17 mmcf/d.

Additionally, El Degheidy explained the plan of the company for the development of the fourth phase.