Arab Finance: Petrosannan Company exceeded its oil and gas production targets during fiscal year (FY) 2025/2026, supported by investments of $30.69 million, Chairman Ayman El-Morshedy said.
The company achieved 101% of its oil and condensate production target, reaching 3,000 barrels per day (bpd). Meanwhile, the gas production stood at 7.67 million cubic feet per day (mmcf/d), equivalent to 136% of its target.
El-Morshedy noted that Petrosannan also completed the drilling of two exploratory wells on schedule. This is in addition to carrying out 18 well maintenance and development operations, restoring 16 wells to production.
The company conducted geological and geophysical studies covering 17 exploration opportunities, with six prospects now ready for drilling.
As part of its development activities, Petrosannan implemented a sewage treatment facility, installed pumps for the HG oil processing units, and completed an oil and gas processing facility in the AES-6E area.
Petrosannan is a joint venture (JV) between Ukraine’s Naftogaz and the Egyptian General Petroleum Corporation (EGPC).
