Pharaonic Petroleum Company (PhPC) produced an average of 76,000 barrels of oil equivalent per day (boe/d) during the first half of fiscal year 2025/26, comprising 387 million cubic feet per day of gas and 8,740 barrels per day of condensate, Chairman Hossam Zaki revealed at the company’s General Assembly meeting.
The company has outlined an ambitious $449 million investment plan for the upcoming fiscal year, anchored by development of the Harmattan gas field. The first phase involves drilling two wells, targeting an initial production capacity of 150 million cubic feet per day of gas and 3,300 barrels per day of condensate, ultimately rising to 200 mmcf/d and 4,400 bbl/d. Two additional wells have already been brought online in the Ras El Bar area.
Nasser Al-Yafei, Chairman of Arcius Energy — the joint venture between bp and ADNOC’s international investment arm XRG — announced a final investment decision for Harmattan’s development and confirmed the launch of drilling operations. bp Egypt President Wael Shaheen added that the company plans to drill three exploratory wells in the Ras El Bar area and highlighted the positive impact of artificial intelligence in advancing projects across Egypt.
The Harmattan project is described as a strategic pillar for Egypt’s energy security. PhPC also reported cutting flare gas by 82% since 2018 and is targeting a reduction of approximately 23,000 tonnes of carbon dioxide emissions during the current fiscal year. Egypt’s Minister of Petroleum, Karim Badawi, confirmed that the sector is preparing an integrated five-year plan in cooperation with foreign partners to intensify exploration and boost production. PhPC is a joint venture between the Egyptian General Petroleum Corporation (EGPC), bp, and Eni subsidiary IEOC Production.
Source: egyptoil-gas.com