Friday, 03 December 2021 02:16 GMT

Egypt's Pharaonic Petroleum to inject USD500mn by 2018

(MENAFN) Pharaonic Petroleum announced that its board of directors confirmed the estimated budget of this year and 2018.

Accordingly, the firm aims to pump USD500mn in investments in the two cited years.

The firm operates Egypt's offshore Atoll field, which is joint venture firm between Egypt state-owned Egyptian General Petroleum Corp. and BP Egypt.

Moreover, BP proclaimed that Atoll discovery in March 2015, which was estimated to 1.5tr cubic feet of gas and 31mn barrels of condensates.

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