Eng. Sherif Ismail, Chairman of Ganoub El Wadi Petroleum Holding Company (Ganope) revealed the establishment of a new investment company for oil refining in Upper Egypt, which is planned to commence with a unit to refine the discovered crude oil from the Kom Ombo’s Baraka field.

Last month witnessed the discovery of Al Baraka-4, added Ismail. “The preliminary results of testing indicated higher production rates than in Baraka-1, 2, and 3.”

Al Baraka reserves are estimated at 23 million barrels of oil, while the current production is 325 barrels per day (bpd) and being shipped to the Assiut refinery. The company plans to drill more productive fields in order to reach production rates of 2500 bpd.

Ismail praised the discoveries of Al Baraka field as a proven sign on the successful petroleum system in Southern Egypt, placing the area of Upper Egypt under the spotlights of the international companies operating in the area in research and exploration.