The Minister commended the company's ranking among the top five for occupational safety and health, aligning with the ministry's strategy to maintain safety, optimize energy consumption, and reduce emissions.
During the virtual meeting, which included leaders from the
petroleum sector and representatives from IEOC, BP, and Arkeos, Badawi stressed
the need to accelerate ongoing projects, particularly the promising Osiris and
Atoll fields. He underscored the ministry's full support to swiftly connect
their production to the national grid.
PhPC Chairman Hossam Zaki reported on the company's
performance, highlighting its success in achieving 119% of its production plan
with an average daily output of 76,100 barrels of oil equivalent. He noted that
PhPC successfully maintained production from older fields like Habi and Tort
while increasing output from the Atoll field through efficient maintenance,
which boosted the operational efficiency of production facilities to 99%.
Production costs also decreased by 25% for a barrel of oil equivalent and 29%
for condensates compared to the planned budget.
In exploration, PhPC completed 3D seismic data processing
for a 250-square-kilometer area, with initial estimates indicating significant
exploration opportunities in the Oligocene reservoir, which is believed to hold
1.5 trillion cubic feet of gas. The company is currently analyzing the data to
plan for a potential exploratory well in the deeper layers.
For development, PhPC plans to recomplete the Tort-6 well
and drill the Osiris-3 development well, which are expected to add a
substantial boost to production. The company anticipates a daily output
increase of around 100 million cubic feet of gas and 3,900 barrels of
condensates from the two wells, which will be fed into the national grid.
For his part, IEOC representative Francesco Gaspari affirmed
the company's commitment to implementing all projects on schedule and at the
lowest possible cost, praising the support received from the Petroleum
Ministry. Wael Shaheen, representing BP, commended the strong results as a
product of fruitful cooperation with the ministry. Nasser Al Yafei of Arkeos
added that the company would work to leverage all available resources to
increase production rates.
Minister Badawi concluded the meeting by emphasizing the abundant investment opportunities in Egypt and expressed his hope that Arkeos would achieve a success story through its exploration efforts in the upcoming phase.