Petrosannan Beats Gas Target by 36% as Egypt Expands Domestic Production
Petrosannan, a joint venture between Egypt's Egyptian General Petroleum Corporation (EGPC) and Ukraine's Naftogaz, has exceeded its natural gas production target for fiscal year (FY) 2025/26 by 36%. This achievement is a testament to the company's efforts in increasing domestic hydrocarbon production. According to Ayman Morshedy, Chairman of Petrosannan, the company produced 7.67 million cubic feet per day (mmcf/d) of natural gas during the fiscal year.
The stronger production performance was supported by continued spending across exploration, well development, facilities, digitalization, and energy-efficiency initiatives. Petrosannan invested approximately $30.69 million during FY2025/26, underscoring its focus on improving field performance while controlling operating costs.
For the upcoming fiscal year, Petrosannan is preparing for another increase in production and investment. The company plans to invest approximately $40.32 million during FY2026/27, representing a substantial increase from the previous year. Petrosannan has set a production target of 4,439 barrels per day (bbl/d) of crude oil and 7.9 mmcf/d of natural gas for FY2026/27.