Petrosannan exceeded its natural gas production target by 36% in fiscal year 2025/26, producing 7.67 million cubic feet per day while also surpassing its oil and condensate target and expanding exploration and well-development activity.
MONTREAL (Oil Monster): Petrosannan, the joint venture between the Egyptian General Petroleum Corporation and Ukraine's Naftogaz, exceeded its natural gas production target by 36% during fiscal year 2025/26 as the company increased exploration, well-development and infrastructure activity in Egypt.
Natural gas production reached approximately 7.67 million cubic feet per day, equal to 136% of the company's target, Chairman Ayman Morshedy said during Petrosannan's general assembly meeting.
Oil and condensate production averaged roughly 3,000 barrels per day, representing 101% of the annual target.
Petrosannan invested approximately $30.69 million during the fiscal year across exploration, well development, production facilities, digitalization and energy-efficiency initiatives.
The company's operating program included the successful drilling of two exploration wells within the planned schedule.
Petrosannan also completed 18 well maintenance and development operations, returning 16 wells to production.
Petrosannan carried out integrated geological and geophysical studies covering 17 exploration opportunities during the year.
Six of those prospects have advanced to a stage where they are ready for drilling, giving the company additional opportunities to expand its resource base and support future production.
The joint venture operates the Alam El Shawish East concession in Egypt's Western Desert, where Naftogaz and EGPC have worked together on hydrocarbon exploration and production for more than a decade.
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Petrosannan also completed several infrastructure projects during the year.
These included a wastewater treatment facility, pumps serving the HG oil-processing facilities and an oil and gas processing facility in the AES-6E area.
The company reported more than 1.02 million work hours without a lost-time injury during the period.
EGPC Chief Executive Salah Abdel Kerim called on Petrosannan to continue implementing Egypt's petroleum-sector strategy of increasing production while sustainably reducing operating costs.
He highlighted the potential for developing additional geological formations and using advanced technologies to improve production and operational performance.
Abdel Kerim also stressed compliance with health, safety and environmental standards and encouraged greater use of renewable-energy projects within the company's operations.
He said international petroleum partners remain important to Egypt's production objectives through their technical capabilities and implementation of agreed investment and work programs.
Egyptian Natural Gas Holding Company Chief Executive Sayed Selim said he expects further increases in natural gas production from the concession area.
Fedir Bayuk, director of Naftogaz's Egypt branch, thanked Petrosannan's joint management and employees for the year's results, as well as EGPC and EGAS for their continued support.
Bayuk said the company intends to build on that cooperation to improve its operating results during the current fiscal year.
Petrosannan's approved FY2026/27 plan calls for investment of approximately $40.32 million.
The company is targeting daily crude oil production of 4,439 barrels and natural gas output of approximately 7.9 million cubic feet per day.
The plan continues Petrosannan's focus on drilling, production growth and development of its Egyptian upstream assets.
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Courtesy: www.egyptoil-gas.com
