A press release to Egypyt Oil&Gas stated that Egyptian Minster of Petroleum and Mineral Resources, Tarek El Molla, chaired the general assembly for Ganoub El Wadi Petroleum Holding Company (Ganope).

The company’s President, Sherif Sosa, presented development progress for a new discovery at East Gabal El Ziet area, near Suez. Sosa added that the discovery’s production rates has 3,000b/d. Furthermore, exploratory results for two additional layers at the discovery show prospective reserves at 250m barrel, a new record high for the area.

Sosa further reviewed company’s results at North West Taer El Bahr area. The drilling results showed the presences of crude oil at a 39% quality grade. Ganoub is currently assesses expected production rates and reserves volumes for the area.

The general assemble also followed up on the outcomes from a project to collect geophysics data for the open areas operated by Ganoub, which was concluded in mid December. Accordingly, five global firms have been awarded contracts to perform seismic and 3D surveys worth a total of $750m.

During the meeting, the oil ministry, Tarek El Molla, stated that the Egyptian oil and gas sector is deploying several developmental projects within Upper Egypt. The Governor of Luxor, Mohamed Badr, and South Valley Univeristy’s Preseident, Abbas Mansour, were in attendance during the general assembly.