During the general assembly of the Pharaonic Petroleum Company, Minister of Petroleum and Mineral Resources Tarek El Molla has highlighted the importance of focusing on drilling new exploratory wells to search for natural gas in the Mediterranean Sea.

He further emphasized the necessity of increasing joint coordination and concerted efforts to accelerate projects to develop discovered fields as well as support production levels from existing fields, such as the Atoll field.

The company’s Chairman Hossam Zaki indicated its success in achieving daily production rates during the first half of the fiscal year 2023/24, estimated at approximately 400 million cubic feet (mcf/d) of gas per day and 9,300 barrels of condensates per day.

The company has also maintained the production rates of the Atoll field in North Damietta and overcame challenges to achieve the estimated rates of field production during the first half of the current fiscal year in light of the high operating efficiency of all land and marine assets.

Zaki stated that the company plans to prepare for drilling an exploratory well for the deep layers in the Atoll field during the coming period. This will be immediately after the analysis of recent 3D seismic data.

The company also continued its outstanding performance in the field of safety and providing a safe work environment, achieving an unprecedented average of 31 safe working hours since 2015.