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Oil & Gas

Ganope to invest $53m on exploration and development

Posted: January 24, 2017 at 3:44 pm   /   by   /   comments (0)

ganope GAMinster of Petroleum and Mineral Resources Eng. Tarek El Molla headed the General Assembly of Ganoub El Wadi Petroleum Holding Company (Ganope) to review the company’s budget for fiscal year 2017/2018. During the meeting, the Petroleum minister Eng. Tarek El Molla, stated that the Egyptian Petroleum and gas sector is deploying several developmental projects within Upper Egypt.

Ganope’s President, Dr. Sherif Sosa, presented development progress for a new discovery at East Gebel El Zeit area, near Suez. Sosa added that the discovery’s production rates are 3,000b/d. Furthermore, exploratory results for two additional layers at the discovery show prospective reserves at 250m barrels, a new record high for the area.

Dr. Sherif Sosa further reviewed the company’s results at North West Taer El Bahr (Seabird) area. The drilling results showed the presences of crude oil at a 39% quality grade. Ganope is currently assessing expected production rates and reserves volumes for the area. The General Assembly also followed up on the outcomes from a project to collect geophysics data for the open areas operated by Ganope, which was concluded in mid December. Accordingly, five global firms have been awarded contracts to perform seismic and 3D surveys worth a total of $758m.

Dr. Sherif Sosa said that the company targets to produce 23,000 barrels per day and to pump $53 million investments in the field of search, exploration and development, the press release indicated.

(Source: Ministry of Petroleum)

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