Pharaonic Petroleum Company plans to be produce up to 512 million standard cubic feet per day (mscf/d) of natural gas and around 9,000 barrels per day (b/d) of condensates during fiscal year (FY) 2018/2019, said Head of Pharaonic Petroleum Company, Hassan Abady, Egypt Oil & Gas reports.
The company plans to complete drilling five wells in its Ras El Bar and Offshore North of Damietta concessions, Abady stated during the company’s general assembly chaired by Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, in order to review budget plans.
Pharaonic Petroleum will execute a joint program in cooperation with BP to prepare a feasibility study for 3D seismic survey on 1250 km land of North Damietta concession, which will boost upcoming phases in the projects.
The company has successfully completed offshore and onshore installation for the Atoll field project in the first half of FY 2017/2018. The field has started early production of natural gas at 300 mscf/d, in addition to 9,000 b/d of condensates, boosting the company’s total output to 116,000 b/d of condensates, El Abady pointed out.