Ganope Announces Q1 2024 Exploratory Drilling Program with $150M Budget

Ganope Announces Q1 2024 Exploratory Drilling Program with $150M Budget

South Valley Egyptian Petroleum Holding Company (Ganope) Chairman Ashraf Bahaa has announced that the company is now working on the second phase of collecting 3D seismic survey data at the Red Sea, noting that upon completion of its processing, the company will start drilling exploratory drills during Q1 of 2024 costing $150 million.

He said that during reviewing the latest progress of the company during the fiscal year (FY) 2022/23 and its plan for FY 2023/24 as part of the general assembly meeting of Ganope chaired by the Minister of Petroleum and Mineral Resources Tarek El Molla to approve its budget plan for FY 2024/25. 

He added that Ganope has succeeded in consulting 12 agreements up to the end of the fiscal year (FY) 2022/23, and it continued in its achievements which resulted in assigning three sectors for three international companies with investments estimated at $326 million. There are seven exploratory wells were drilled in 2024 at the company’s concession areas with costs of $23 million, Bahaa elaborated. 

Additionally, Ganope achieved total production of 9.5 million barrels during the FY 2022/23 equivalent to 26,000 barrels per day (bbl/d), the chairman explained. He noted that the company completed the implementation of an early production facility (EPF) to develop the fields GNN and the establishment of a water processing station at the facilities of Petrogulf Egypt. 

Bahaa also said that the Ganope succeeded in reducing energy consumption by 3.5% and carbon emissions reduction by 37,000 tons. Per the national projects of delivering natural gas to houses, Bahaa stated that the total natural gas connections to consumers amounted to 1.9 million customers, 8,100 commercial customers, and 174 industrial customers from the start till June 2023.

For his part, El Molla mentioned that upper Egypt witnessed a leap in petroleum activities, especially in the light of the major projects that are being established in the region, stressing the importance of cooperation and integration for optimum exploitation of the resources there. 

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