Pharaonic Petroleum’s total gas production reaches 600 mmcf/d
The Pharaonic Petroleum Company (PhPC) on Thursday revealed that its total natural gas production hit 600 million cubic feet (mmcf/d) per day, in addition to 11,000 barrels of condensate per day.
The announcement came during an inspection tour paid by Petroleum Minister Tarek el Molla to Port Said governorate to follow up on the progress of work at oil and gas production sites there.
During his tour, the minister said that underway projects to extract natural gas and its derivatives in Port Said represent a successful model on how to make good use of Egypt’s natural gas resources.
The upcoming phase is expected to witness a boom in the activities of oil and gas exploration in some concession areas, especially after launching two global bids on this regard, el Molla added.
For his part, chairman of the PhPC Hassan Abadi said the company was the first to succeed in extracting gas from Atoll field in the Mediterranean Sea, with total production of 350 million cubic feet per day, as well as 10,500 barrels of gas condensate, with total investments of one billion dollars.
The field has now a capacity of 116,000 barrels of oil equivalent (BOE) per day, Abadi noted.
The company is now cooperating with British Petroleum BP and Shell Oil Company to prepare technical studies on Harmattan field before the start of drilling three wells and processing gas in Habi area in Port Said, Abadi added.
(Source: Egypt Today)