North Sinai Petroleum Company has announced plans to allocate $89 million in investment for the upcoming fiscal year, targeting the drilling of three new exploration wells as part of its five-year production strategy. The investment plan aims to sustain and increase current production levels, which stand at approximately 60 million cubic feet per day of natural gas. The announcement was made during General Assembly meetings held to approve amended and proposed budgets, chaired by Salah Abdel Kerim, Chief Executive Officer of the Egyptian General Petroleum Corporation.
Abdel Kerim emphasized the importance of maintaining and boosting production rates while maximizing the use of existing facilities to support nearby development areas. He also highlighted the company’s strong safety performance, which has exceeded two million safe working hours. Sayed Abdel Fattah, Chairman of the Egyptian Natural Gas Holding Company, participating via video conference, affirmed full support for the drilling programs and production growth initiatives.
North Sinai Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation and Perenco Egypt, recently boosted its natural gas production by 34 million cubic feet per day following the startup of new offshore wells in Phase III B in North Sinai. The wells have lifted output to around 60 million cubic feet per day after an investment of $67 million. The company is currently implementing the fourth phase of gas production with investments of $105 million.
In separate developments, the financial and production plans of South Abu Zenima Petroleum Company were discussed during meetings where Chairman Tarek Abdel Fattah presented the company’s plan to invest $23.6 million for fiscal year 2026-2027. The focus will be on accelerating exploration across promising geological areas within their concessions. Abdel Kerim stressed the importance of fast-tracking three exploration wells included in the five-year plan to drive production growth while ensuring strict environmental compliance given the sensitive nature of the region.
Source: egyptoil-gas.com