Petrosannan, the joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and Ukraine’s Naftogaz, exceeded its natural gas production target by 36 per cent during fiscal year (FY) 2025/26, with production reaching7.67 million cubic feet per day (mmcf/d), Ayman Morshedy, the Company’s Chairman, said.
Petrosannan further met 101% of its oil and condensates production target, reaching approximately 3,000 barrels per day (bbl/d) of oil and condensates. Moreover, the company invested $30.69 million during the year in exploration, well development, facilities, digitalization, and energy-efficiency initiatives.
Morshedy’s statement came during the general assembly meeting held in the presence of Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC), Sayed Selim, CEO of the Egyptian Natural Gas Holding Company (EGAS), and Fedir Bayuk, Naftogaz Egypt Branch Director.
Abdel Karim said that the company should continue implementing the Ministry of Petroleum and Mineral Resources’ strategy of increasing production while sustainably reducing costs by tapping new geological formations and applying advanced technologies.
He further highlighted the importance of maintaining full compliance with health, safety and environmental standards (HSE) and expanding the use of renewable energy projects as part of the sector’s energy-transition efforts.
Abdel Kerim said Egypt’s petroleum partners play a key role in achieving these objectives through their technical capabilities and commitment to agreed work programs and contracts.
Meanwhile, Selim expressed expectations for higher gas production from the concession area.
Bayuk thanked the joint management and employees for their performance during the year, as well as EGPC and EGAS for their continued support. He said the company would use this support to deliver improved results during the current financial year.
Petrosannan has been planning to invest around $40.32 million for FY 2026/2027, targeting daily production of 4,439 barrels of crude oil and 7.9 million cubic feet (mmcf) of gas.
