BP’s JVs PhPC, GUPCO boost Egypt’s petroleum reserves

BPPharaonic Petroleum Company (PhPC) has finished works of third phase of developing East Nile Delta offshore fields, company Head Hassan Abady said on Sunday.

In a meeting with the Minister of Petroleum Tarek al-Molla to review financial results, Abady said that his company finished drilling two wells; Habi-16 and Taurt-8, adding that they both were put on the production map at an average production of 140 million cubic feet of gas (cf/d).

BP’s joint venture with the Egyptian General Petroleum Corporation (EGPC), PhPC, also finished expansion works of onshore gas processing plant at Port Said.

Average gas production of PhPC in fiscal year 2016/17 amounted to 395 million cf/d and 821 barrels of condensates.

In the same meeting, head of BP’s other joint venture with the Egyptian government, Gulf of Suez Oil Company (GUPCO), Nabil Salah al-Din, who stated that the average output of crude and condensates from the company’s fields amounted to 72,500 barrels of oil per day.

GUPCO added 14 million barrels of crude and 9 billion cf/d of gas to Egypt’s reserves in FY2016/17, thanks to drilling new wells, Salah al-Din said.

Total reserves from GUPCO fields reach 345 million barrels of crude and 771 billion cf/d, the chairman said, highlighting that they rationalized $70 million in spending in the previous fiscal year through decreasing production cost.

(Source: Egypt Today)

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