EGYPT – Pharaonic petroleum, an oil gas an company in Egypt has unveiled plans of investing US$280 million in exploring oil fields in the country.

The company has started plans to dig two new wells in the Atoll and Katameya gas fields. The two gas fields are located in North Damietta East Delta Marine Concession.

Hassan Abbady, chairperson of the Pharaonic Petroleum said that the two wells are expected to be fully operational by next year.

The company’s exploration plan submitted to Minister of Petroleum and Mineral Resources Tarek El-Mulla, revealed plans to start drilling the well at Atoll in the first quarter (1Q) of 2020.

Production from the Atoll well is expected to commence in the fourth quarter of 2020. According to Abbady, the new gas well at Atoll will have the capacity to produce 100million cubic feet per day (mcf/day).

The field currently produces about 300 mcf/day and 9,000 barrells of condensate from three established wells.

The well at Katameya, on the other hand, is expected to be fully operational before the end of second quarter of 2020. It is expected to yield 6O mcf/day.

During the 2018/2019, Pharaonic Petroleum produced about 525mcf/day and 10,000 barrells of condensate. It has so far been able to spend a total of 18 million safe working hours in its gas and field sites located in the Mediterranean.

BP, one of the world’s largest oil and gas companies, is a major stakeholder in Pharaonic Petroleum Company.

The British multinational has been existing in the North African Country since the 1960s and has so far invested close to US$30 billion in oil and gas mining.

It has however shifted its focus from oil to gas production and currently accounts for 60% of Egypt’s total gas production.

The current expansions in gas exploration by Pharaonic Petroleum are in line with BP’s goal of tripling its 2016 gas production in Egypt by 2020.