Pharaonic Petroleum Company (PhPC) achieved production of 76,000 barrels of oil equivalent (boe/d) during the first half (H1) of fiscal year (FY) 2025/26. PhPC Chairman Hossam Zaki revealed that this output comprised 387 million cubic feet per day (mmcf/d) of gas and 8,740 barrels per day (bbl/d) of condensate.
This came during the General Assembly meeting held to approve PhPC’s investment plan for FY 2026/27 and the amended plan for the current fiscal year.
Zaki highlighted the company’s ambitious $449 million investment plan for the upcoming fiscal year. A key priority of the plan is the development of the Harmattan gas field, which involves drilling two wells in its first phase. This project is expected to deliver an initial production capacity of 150 mmcf/d of gas and 3,300 bbl/d of condensate, eventually rising to 200 mmcf/d and 4,400 bbl/d.
Furthermore, he added that two new wells have been drilled and brought online in the Ras El Bar area, boosting the company’s production. Zaki further noted promising exploration opportunities in the deep layers of the North Damietta offshore area, estimated at approximately 1.5 trillion cubic feet (tcf) of gas, most notably in West Atoll ILX.
Zaki pointed out the company’s success in reducing flare gas by 82% since 2018, with a target of reducing emissions by about 23,000 tons of carbon dioxide during the current FY.
During the Meeting, Karim Badawi, Minister of Petroleum and Mineral Resources, confirmed that the petroleum sector is about to implement an integrated plan for the next five years in cooperation with its foreign partners, to intensify research and exploration activities and achieve new discoveries that contribute to increasing oil and gas production.
Nasser Al-Yafei, Chairman of Arcius Energy, a joint venture (JV) between bp and XRG (ADNOC’s international energy investment arm), announced the final investment decision (FID) for the development of the Mediterranean’s Harmattan field and the launch of drilling operations. Moreover, he highlighted the progress of exploratory drilling at the Atoll West well within the North Damietta offshore concession. Emphasizing the company’s commitment to expanding its Egyptian portfolio, he described the Harmattan project as a strategic pillar for both Egypt’s energy security and Arcius Energy’s regional growth.
Meanwhile, Francesco Gasparri, Managing Director of IEOC Production, a subsidiary of Italy’s Eni, praised the outstanding performance of PhPC in the field of occupational safety and health, where 35 million work hours were recorded without injuries, in addition to the efforts made to reduce methane emissions, stressing Eni’s full commitment to its new projects in the Mediterranean.
Additionally, Wael Shaheen, bp Egypt President, explained that the company aims to implement a drilling program that includes three exploratory wells in the Ras El Bar area, noting the positive impact of artificial intelligence applications in implementing the company’s projects in Egypt.
PhPC is a JV between the Egyptian General Petroleum Corporation (EGPC), bp, and IEOC Production.
