Pharaonic Petroleum Company (PHPC) recorded 117% of its approved production plan in 2024/2025, with a daily average of 76,280 barrels of oil equivalent (boe), said company Chairman, Hossam Zaki.
During the company’s general assembly meeting, Zaki reviewed key performance results during fiscal year (FY) 2024/2025 that ended last March. He also outlined the company’s plans for FY 2025/2026.
Despite the challenges the company is facing, including the natural decline in well reserves and lower pressure in the older wells of the Hapi and Taurt fields offshore the Mediterranean, it has managed to keep production going and cut production costs, Zaki noted.
The company reported an output of 388 million cubic feet per day (mmcf/d) of natural gas production, exceeding planned targets by 115%, while condensate production reached 9,370 barrels per day (bbl/d), achieving 132% of the planned figures.
On the exploration front, PHPC completed 3D seismic data processing using the Ocean Bottom Node (OBN) technology, an advanced seismic data acquisition method, over 250 square kilometers, identifying potential reserves of up to 1.5 trillion cubic feet (tcf) of natural gas in the Oligocene formations (O85 and O83). The company is currently analyzing deep-layer opportunities in Atoll Field, with plans for drilling a new exploration well, said Zaki.
Since 2015, PHPC has recorded 33.7 million safe working hours, including 1.6 million hours during the current fiscal year, reflecting its ongoing commitment to health, safety, and environmental (HSE) standards.
Zaki revealed that the company has also reduced gas flaring by recovering 200 million cubic feet (mmcf) annually of natural gas, leading to cutting carbon emissions by 19,000 tons per year (tpa). Furthermore, it installed solar panels at its headquarters, generating 65 megawatt-hours annually, reducing diesel consumption by 6,000 liters per year, and cutting carbon emissions by 40 tons annually.
Regarding digital transformation and cybersecurity, PHPC maintained its ISO 27001 certification for information security management systems, while remaining committed to developing a cybersecurity infrastructure to achieve 95% 24/7 availability, said Zaki.
The company is pushing ahead with its digital transformation by introducing Enterprise Resource Planning (ERP) systems across all departments to streamline operations and improve efficiency. This integration will automate data and processes at every level, enhancing decision-making and resource planning, Zaki noted.
Chairing the meeting, Minister of Petroleum and mineral Resources Karim Badawi reaffirmed Egypt’s commitment to its foreign partners, emphasizing the importance of cooperation to ensure long-term industry success. He also praised the progress in developing the Hapi gas field, stressing the importance of focusing on key priorities and clear strategic planning throughout the next two years, with well-defined roles for stakeholders including Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS).
Meanwhile, President of the the International Egyptian Oil Company (IEOC), a subsidiary of ENI in Egypt, Francesco Gasparri, commended PHPC’s approach in managing emissions, and benefiting from international expertise through partnerships with Eni and bp as well as global initiatives like the Oil and Gas Methane Partnership (OGMP), a flagship oil and gas reporting and mitigation program of the United Nations Environment Program (UNEP). He also emphasized the importance of knowledge sharing and technical skill development in this vital sector.
Wail Shaheen, Vice President of bp Egypt, commended the company’s team for their efforts to optimize system pressure, stressing the importance of leveraging existing facilities and cooperating with partners to maximize operational efficiency.
