Pharaonic Petroleum Company has successfully produced 105,000 barrels of oil equivalent per day (boe/d) from Atoll and Ras El Bar fields during the first half of fiscal year (FY) 2018/19, said Hassan Abady, company head, Egypt Oil & Gas reports.

The company has allocated a budget of around $468 million during the first half of 2019 and FY 2019/20. The amount will be directed to implement the company’s plan of increasing production through rushing the development of Atoll field’s fourth well to boost the field’s output to reach 400 million standard cubic feet per day (mmscf/d), Abady stated.

The production increase plan further includes developing the Kattameya offshore well and linking it to production facilities of Haby and Tort fields to produce 60 mmscf/d, as well as completing the East Seth shallow well to produce 40 mmscf/d.

Abady comments were revealed during the general assembly chaired by the Minister of Petroleum Tarek El Molla, to review the company’s budget in FY 2019/20.