Ganoub El Wadi Petroleum Holding Company’s (Ganope) CEO, Sherif Sousa, stated that the company assigned five new oil and gas concessions to American, Canadian, Malaysian, British, and Egyptian firms, with investments exceeding at least $100m. Ganope also launched a tender for explorations in 10 areas located at the south of Suez Gulf and in the Western Desert, and it is receiving related proposals until the end of November 2016, reported Ahram Gate.

Sousa added that Ganope’s efforts in exploration resulted in a positive outtake, with the company currently running an assessment for RAK-X1 well in Ghazalat Concession owned by Emirate RAK in the Western Desert. The well is expected to have both petroleum with hydrocarbon reserves. Furthermore, the company drilled GC9-A well in the area of Petrogulf with a capacity of 1182b/d of crude oil.