Egyptian Energy Companies Deliver Record Performance in Fiscal 2024/25
Egypt’s petroleum sector has demonstrated strong performance across multiple operators, with several companies exceeding production targets and expanding operations significantly during fiscal year 2024/25.
The Pharaonic Petroleum Company (PhPC) achieved remarkable success, recording an average output of 76,100 barrels of oil equivalent per day, exceeding its approved production plan by 119%. Chairman Hossam Zaki reported that increased production from the Atoll gas field in the offshore East Nile Delta region resulted from enhanced maintenance and cleaning operations, raising operational efficiency to 99%. The company also reduced overall production costs per barrel by 25% below planned levels.
PhPC plans to resume drilling the Taurt-6 well and drill the Osiris-3 development well offshore the Nile Delta region, expecting a major production boost of approximately 100 million cubic feet per day of gas and 3,900 barrels per day of condensates. The company completed 3D seismic data processing using advanced Ocean Bottom Node technology over 250 square kilometers, identifying potential reserves of up to 1.5 trillion cubic feet of natural gas.
Meanwhile, Badr Petroleum Company achieved a significant leap in production from the Badr-1 concession area, reaching 143% of its targeted plan with total daily output of 6,440 barrels of oil equivalent. Chairman Ibrahim Massoud reported that the company drilled two exploratory wells and two development wells, adding approximately 10 million barrels of confirmed oil equivalent reserves.
Minister of Petroleum and Mineral Resources Karim Badawi praised both companies’ achievements, with Badr Petroleum ranking first among the top five companies achieving the highest production increases this year. Both companies also demonstrated strong environmental performance, with PhPC reducing gas flaring by 200 million cubic feet annually and installing solar panels to reduce carbon emissions.
Source: egyptoil-gas.com
