Friday, December 16, 2016

Egypt: Local oil companies increase gas production from the Ras El Bar and the North Sinai fields - ECOFIN AGENCY

Friday, 16 December 2016 - 09:33Anita Fatunji

Toward the drive to achieve self-sufficiency by 2020, Egyptian oil companies have increased gas production from their respective assets. Companies such as Pharaonic Petroleum Company (BP/EGPC) and North of Sinai Petroleum Company (NOSPCO) have succeeded in producing 110 Mmcf/d and 70 Mmcf/d of natural gas respectively.

Pharaonic has completed the Phase 3 of its development operations for the Ras El Bar field located in Ras El Bar Concession in Nile Delta with an investment of $265 million. As a result, the company succeeded in producing 110 Mmcf/d of natural gas, which is later expected to increase to 500 Mmcf/d.
Meanwhile, NOSPCO has completed the Phase 2B of the development of its North Sinai field with total investments of $48 million. The company also succeeded in producing 70 Mmcf/d of natural gas and expects to increase the field’s total production to 200 Mmcf/d of natural gas in 2017.

NOSPCO has also began the development plans for its Taw field in the Mediterranean Concession in the fiscal year 2016/2017 to boost natural gas production to 230 Mmcf/d.

The Egyptian General Petroleum Corporation (EGPC) along with its international partners, however, aim to increase crude oil and condensates production to an average of 695,000bopd and 4.7bcf/d of natural gas during the fiscal year 2016/2017, Egypt Oil & Gas reports.

The country, which was once an energy exporter turned into a net importer in recent years, due to declining production and increasing consumption. Egypt is currently making efforts to reverse that trend, by fast-tracking the development of major gas finds with the aim of achieving energy self-sufficiency by 2020.