Petrosannan, the collaborative venture between the Egyptian General Petroleum Corporation (EGPC) and Ukraine’s Naftogaz, achieved impressive results in its recent fiscal year. For FY 2025/26, the company surpassed its natural gas production goals, achieving a remarkable 7.67 million cubic feet per day (mmcf/d), exceeding projections by 36%. Ayman Morshedy, the Chairman of Petrosannan, highlighted these accomplishments, pointing to a successful year marked by strategic investments and increased output.
Production Milestones and Strategic Investments
In addition to its gas achievements, Petrosannan attained an oil and condensates production level of around 3,000 barrels per day (bbl/d), fulfilling 101% of its set targets. This impressive performance reflects the company’s dedication to operational excellence and efficient resource management. During the fiscal year, Petrosannan allocated approximately $30.69 million to a range of initiatives, including exploration, well development, infrastructure enhancements, and advancements in technology aimed at improving energy efficiency. These investments not only underscore the company’s commitment to growth but also its adaptability in a rapidly evolving energy sector.
Leadership Insights on Future Directions
During a recent assembly, Morshedy shared these results in front of key figures, including Salah Abdel Kerim, the CEO of EGPC; Sayed Selim, CEO of the Egyptian Natural Gas Holding Company (EGAS); and Fedir Bayuk, Director of Naftogaz Egypt’s branch. Abdel Kerim emphasized the need for continuing adherence to the Ministry of Petroleum and Mineral Resources’ directive for increased production, coupled with sustainable cost management. He pointed to the importance of exploring new geological formations and utilizing cutting-edge technologies as vital components of this strategy.
Abdel Kerim also stressed the significance of abiding by health, safety, and environmental (HSE) standards. Expanding the adoption of renewable energy projects is crucial as the sector transitions towards more sustainable practices. The contribution of Egypt’s petroleum partners was highlighted, reinforcing the idea that their technical expertise and commitment play a vital role in meeting national objectives.
Looking Ahead: Future Investments and Production Goals
Sayed Selim expressed optimism regarding future gas production prospects from the concession area, suggesting an anticipation of even higher output. Meanwhile, Fedir Bayuk conveyed gratitude for the dedicated efforts of the joint management and employees throughout the year. He noted the unwavering support from EGPC and EGAS, which will be instrumental in driving improved results in the upcoming financial year.
Looking forward, Petrosannan has announced plans to invest approximately $40.32 million for FY 2026/27. The company aims to achieve production levels of 4,439 barrels of crude oil and 7.9 million cubic feet of gas daily. This forward-thinking approach signifies Petrosannan’s determination to not only maintain its current successes but also to drive further advancements in production capabilities moving into the next fiscal year. Through strategic investments and a commitment to safety and sustainability, Petrosannan seeks to solidify its position as a key player in Egypt’s energy landscape.