Pharaonic Petroleum plans to invest $500 million in FY 2017-18

phpcPharaonic Petroleum said its board of directors approved the estimated budget for the fiscal year 2017 – 2018.

The company stated that it plans to pump $500 million in investments if FY17/18.

Pharaonic Petroleum operates Egypt’s offshore Atoll field, which is joint venture company between Egypt state-owned Egyptian General Petroleum Corporation and BP Egypt.

BP announced the Atoll discovery in March 2015, which was estimated to 1.5 trillion cubic feet (tcf) of gas and 31 million barrels (mmbbl) of condensates.

(Source: Mubasher)

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