NOSPCO Targets Production Growth With $89M Exploration Investment

SEATTLE (Oil Monster):North Sinai Petroleum Company (NOSPCO) announced plans to invest $89 million in the fiscal year to drill three exploration wells, supporting its five-year strategy to sustain and increase natural gas production. The investment targets maintaining output of around 60 million cubic feet per day (mmcf/d) while positioning the company for growth.

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The announcement was made during General Assembly meetings to approve budgets, chaired by Salah Abdel Kerim, Chief Executive Officer of the Egyptian General Petroleum Corporation (EGPC). Abdel Kerim highlighted the need to stabilize production, maximize use of existing facilities, and support development areas, while noting NOSPCO’s safety performance exceeding two million safe working hours.

Sayed Abdel Fattah, Chairman of the Egyptian Natural Gas Holding Company (EGAS), confirmed support for NOSPCO’s drilling programs and production expansion.

NOSPCO, a joint venture between EGPC and Perenco Egypt, recently increased gas output by 34 mmcf/d following startup of Phase III “B” offshore wells in North Sinai. Production reached 60 mcf/d after a $67 million investment, with Phase IV underway involving $105 million.

Separately, South Abu Zenima Petroleum Company outlined a $23.6 million FY 2026/2027 investment plan, emphasizing exploration.