Ganoub El Wadi Petroleum Holding Company’s (Ganope) Chairman Ashraf Bahaa El Din has announced that the company has achieved rise in the crude oil production rates by 36% reaching to 11.2 million barrels (mmbbl) annually with average daily production of 30,700 barrels, in addition to 2200 million cubic feet of associated gas in the fiscal year (FY) 2023/24.

The announcement was made during the general assembly meeting of the company headed by the Minister of Petroleum and Mineral Resources Karim Badawi to approve its operational results for the FY 2023/24.

Bahaa El Din added that this increase was due to drilling developmental wells by its affiliated companies which contributed to increase the reserves to 185 mmbbl of oil.

In the field of exploration, the Chairman elaborated that there are 11 agreements in force with a total area of ​​45,000 km square, adding that the final processing of seismic survey data in its first phase has been completed in the Red Sea concession areas, which showed positive indicators.

Nine new exploratory wells were drilled with investments of about $40 million, and contributed to achieving positive results to support production, especially from the North Geisum field of PetroGulf in the Gulf of Suez.

In the field of natural gas delivery in Upper Egypt, the number of housing units that have been connected to natural gas since the start of the activity has increased to more than 2 million housing units, about 8,400 commercial establishments and 186 plants.

Natural gas has also been supplied to 176 villages in Upper Egypt so far within the framework of the presidential initiative “Decent Life” (Haya Karima). The number of gas supply stations in Upper Egypt has increased to about 140 stations and 24 conversion centers.

For the energy efficiency and emission reduction, the projects implemented at the company’s sites have led to an 8% reduction in specific energy consumption compared to the previous year as well as a reduction in carbon emissions by about 37,000 tons.

Ganope also achieved 1.9 million safe working hours during the year due to applying the highest standards health, safety and environment (HSE) conditions, especially reducing carbon emissions.

Regarding digital transformation, the company succeeded in updating the ERP system to achieve digital integration and connectivity between the company and the main sector entities and subsidiaries, and operating the cybersecurity system to secure and protect information.