Pharaonic Petroleum Company (PhPC) confirmed plans to fast-track drilling activities to bring a new development well onstream in the fourth quarter (Q4) of 2026. The well’s expected initial production rate is approximately 40 million cubic feet per day (MMcf/d) of natural gas, according to Chairman Hossam Zaki.

This came during a meeting of Ehab Ragaee, First Undersecretary for Production at the Ministry of Petroleum and Mineral Resources (MoPMR) and Samir Raslan, Undersecretary of the MoPMR for Agreements and Exploration with Hossam Zaki, Chairman of PHPC, along with representatives of the company’s international partners to review the company’s forward plans to accelerate production growth and expand recoverable gas and condensate reserves.

The company’s leaders reviewed the promising exploration and production opportunities that would contribute to doubling the company’s production in the next five years.

For their part, the two undersecretaries praised the efforts made in preparing exploration and production opportunities. They affirmed the ministry’s full support for all activities aimed at increasing production, accelerating exploration work, and developing discovered reserves.

During its general assembly meeting, PhPC, a joint venture between bp and the Egyptian Natural Gas Holding Company (EGAS), said it exceeded its approved production plan in fiscal year (FY) 2024/2025, averaging 76,280 barrels of oil equivalent per day (boe/d). The company also produced around 388 million cubic feet per day (mmcf/d) of natural gas, while condensate output reached 9,370 barrels per day (bbl/d).

In addition, PhPC completed 3D seismic processing using Ocean Bottom Node (OBN) technology across more than 250 square kilometers, identifying potential gas resources of up to 1.5 trillion cubic feet (Tcf) in Oligocene formations. The company is evaluating deep targets at the Atoll field, with plans to drill a new exploration well.