Petrosannan Petroleum Company, a joint venture (JV) between Ukraine’s Naftogaz and the Egyptian General Petroleum Corporation (EGPC), plan to invest around $40.32 million for the upcoming fiscal year, targeting daily production of 4,439 barrels of crude oil and 7.9 million cubic feet (mmcf) of gas, Chairman Ayman Morshedy told the General Assembly that convened to approve the budget for fiscal year (FY) 2026/2027.

The approval builds on the strong results achieved during the current fiscal year, which were commended by the assembly, according to an EGPC statement.

Salah Abdel Kerim, CEO of EGPC, highlighted Petrosannan’s efforts to make two oil and gas discoveries in the Western Desert, increase production and expand drilling activities, including the drilling of six wells during the first half of the current fiscal year.

He highlighted the importance of leveraging this partnership to achieve further success in drilling, exploration, safety, and flare gas recovery projects, an area where significant expertise and successful models are already available. He also emphasized the importance of cybersecurity, affirming EGPC’s readiness, through its specialized departments, to provide full support in these areas.

During the general assembly meeting, Ehab Ragaee, First Undersecretary for Production Affairs at MoPMR, praised the team’s work and affirmed that the petroleum sector values commitment and effort that keep pace with the continuous developments in the sector as well as progress in related fields, especially that related to environmental compliance, such as flare gas recovery projects.

In October, Petrosannan made a new discovery in the East Alam El Shawish area of the Western Desert through a well (HG34/1 D-1X), connected to production with an output of about 1,000 bbl/d of oil.

The ministry reported recently some new discoveries in the Western Desert recently, yielding a total estimated production of over 5,200 barrels per day (bbl/d) of crude oil and condensates, alongside approximately 34 million cubic feet per day (mmcf/d) of natural gas.

This comes as part of the ongoing efforts of the  Ministry of Petroleum and Mineral Resources (MoPMR) to offset the natural decline in older wells, reduce the import bill, and boost domestic production to meet the needs of consuming sectors.