Pharos Energy strikes oil in Fayoum
Pharos Energy finds oil in two reservoirs at Egyptian well: Pharos Energy announced an oil discovery with potential of 4.3 mn barrels in its Abu Rawash Lower “G” reservoir, and a smaller 430k barrel deposit in its Upper Bahariya reservoir, the company said in a statement on Thursday. The discoveries reconfirm the potential of the El Fayoum concession — in which the company has a 100% working interest — for further exploration. The concession consists of 10 oil fields over an area of over 1.8k sq km.
Other things we’re keeping an eye on this morning:
- Egypt will achieve self-sufficiency in sugar next year, with current production covering 85% of domestic needs, Supply Minister Ali El Moselhi said last week (watch, runtime 52:26)
- Egypt has managed to grow 15 feddans of drought-resistant rice for the first time as part of a pilot project in New Valley governorate to cut back on water usage in rice cultivation.
- Egypt could launch two remote sensing satellites — called Nexsat 1 and Misrsat 2 — next year.