Egyptian President, Abd El Fattah El Sisi, met with Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the ministry's plan as a part of Egypt's strategic development program.
Pharaonic Petroleum Company board of directors estimated the new budget of fiscal year 2017/2018 to be $500m.
The Pharaonic Petroleum Company awarded Subsea 7 with offshore contract to operate Egypt’s Atoll field.
BP eyes boosting Atoll field production from the current 200mcf/d to 300mcf/d of gas by December 2018.
BP has announced that along with its regional partner, the Egyptian Natural Gas Holding Co. (EGAS), it has sanctioned a fast-track scheme to develop the Atoll gas field Phase 1 project in Egypt.