Pharaonic Petroleum Company (PPC) reported robust performance for the fiscal year 2024/25, with production exceeding its approved plan by 19%. Chairman Hossam Zaki said average daily output reached 76,000 barrels of oil equivalent, supported by higher flows from the Atoll field and continued output from older wells at Hapi and Taurt. Operational efficiency of production facilities rose to 99%, while costs came in significantly lower than planned—25% for oil equivalents and 29% for condensates.
At the company’s general assembly, held by video conference with participation from IEOC, BP, and Arceus, Petroleum Minister Karim Badawi praised PPC’s top-five safety ranking and progress on energy efficiency. He urged acceleration of development at the Osiris and Atoll fields, underlining their role in bolstering the national gas grid.
Exploration prospects were also highlighted, with seismic surveys over 250 sq km pointing to an estimated 1.5 trillion cubic feet of gas in the Oligocene reservoir. Plans are underway to drill a deep exploratory well and to bring new output from Osiris-3 and Turret-6, expected to add 100 million cubic feet of gas and 3,900 barrels of condensate per day.
International partners echoed the optimism. BP’s representative, Wael Shaheen, credited the company’s performance to close cooperation with the ministry, while Arceus’s Nasser Al-Yafei noted the focus on mobilising resources to expand production capacity. The minister concluded by calling for continued investment, positioning Egypt as an attractive hub for upstream opportunities.
