Petrosannan Petroleum Company, the joint venture between Ukraine’s Naftogaz and the Egyptian General Petroleum Corporation (EGPC), has approved a $40.32 million investment budget for the upcoming fiscal year 2026/2027, targeting daily production of 4,439 barrels of crude oil and 7.9 million cubic feet (mmcf) of natural gas. The investment plan was ratified at the company’s General Assembly, which also commended the strong results achieved during the current fiscal year.
EGPC CEO Salah Abdel Kerim highlighted Petrosannan’s recent track record, pointing to two oil and gas discoveries made in the Western Desert and the drilling of six wells during just the first half of the current fiscal year. The broader Western Desert exploration push has yielded estimated production of over 5,200 barrels per day of crude oil and condensates, alongside approximately 34 mmcf/d of natural gas — output that feeds directly into Egypt’s strategy to reduce energy imports and offset natural production declines at older fields.
In October, Petrosannan made a new discovery in the East Alam El Shawish area of the Western Desert through the HG34/1 D-1X well, which came onstream producing approximately 1,000 barrels per day of oil. Abdel Kerim also underscored the importance of leveraging the Egypt-Ukraine partnership to advance flare gas recovery projects, an area where Naftogaz brings significant technical expertise. He added that cybersecurity has been elevated as a priority, with EGPC’s specialized departments offering full support to reinforce the venture’s digital resilience.
Ehab Ragaee, First Undersecretary for Production Affairs at Egypt’s Ministry of Petroleum and Mineral Resources, praised the Petrosannan team for maintaining momentum in line with evolving industry standards, particularly on environmental compliance measures such as flare gas recovery.
Source: egyptoil-gas.com