A routine general assembly of Esh El Mallaha Petroleum Company (ESHPETCO) and Petro El Mallaha company was held for the fiscal year (FY) 2025/26 in the presence of Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), Ashraf Bahaa El-Din, Chairman of Ganoub El Wadi Petroleum Holding Company (Ganope), and their deputies.
ESHPETCO Chairman Khaled Abdel Salam reviewed what was accomplished in cooperation with partners Lukoil and Tharwa Company during the first half of the current FY 2024/25 budget, which resulted in achieving the production plan without increasing the cost of the barrel and maintaining the safety of operations.
The two companies’ work plan for FY 2025/26 was reviewed in terms of completing the geological studies currently being worked on and planning to drill new exploratory and development wells to increase production rates. The investment budget of the two companies is estimated at $27 million, with a daily production rate of 4,300 barrels per day (bbl/d).