Ganope drills 9 wells with investments of $40 in FY2023/2024

In the fiscal year 2023/2024, Ganope has wrapped up the drilling of 9 fresh exploratory wells, pouring around $40 million into the endeavor, as disclosed by Ashraf Bahaa, the Chairman of the Egyptian South Valley Petroleum Holding Company.

Throughout the fiscal year 2022/2024, Ganope managed to yield about 11.2 million barrels of crude oil, boasting an average daily output of 30.7 thousand barrels, marking a substantial 36 percent surge from the previous year.

The company also extracted 2,200 million cubic feet of associated gas, fortifying the proven reserves to 185 million barrels of crude oil.

In the exploration domain, reports indicate 11 operational agreements enveloping a total expanse of 45,000 km². Furthermore, the preliminary seismic survey data processing stage has been concluded in the Red Sea concession areas, unveiling promising indicators.

On the front of natural gas distribution within Egypt, it was highlighted that gas has efficiently reached over 2 million residential units, about 8,400 commercial premises, and 186 factories.

The tally of gas refueling stations in Upper Egypt has ascended to roughly 140 stations, complemented by 24 conversion centers.