Ganounb El Wadi Petroleum Holding Company (Ganope)’s Chairman Alaa El Batal announced the company’s success at achieving a daily average rate of 21,500 barrels per day (bbl/d) of crude oil, 6000 tons of butane, and 3.6 billion cubic feet per day (bcf/d) of natural gas during fiscal year (FY) 2020/21.

The announcement was made during a general assembly meeting chaired by Minister of Petroleum and Mineral Resources Tarek El Molla to review the company’s performance in 2020/21, according to a ministerial statement.

Ganope successfully faced a natural decline in wells, but maintained production rates through drilling a number of development wells, boosting the remaining reserves to around 134 million barrels of crude, El Batal noted.

This came as the company developed wells’ performance and increased recovery factors through the work of reservoir revaluation studies.

Currently, the company is working to increase production by focusing its efforts on research, exploration, and development. Ganope aims to drill 11 exploratory wells with investments of $31.5 million and 13 development wells with a total investment of about $27 million, El Batal pointed out.

With regards to seismic research, the company signed three agreements in the Red Sea region with investments of $326 million with Chevron, Shell, and Mubadala companies to carry out studies and seismic survey programs in the concession areas of the Red Sea. El Batal further clarified that the goal is to launch a new phase of research and exploration activities that will change the region’s oil map.

In light of improving oil prices and the increased interest in Egypt as an attractive business destination, El Molla stated that the coming period will witness an intensification of research and exploration activities, especially in the Red Sea region. This will require the participation of large companies in the concession areas. He also pointed out that international companies whether new or currently operating in Egypt are keen to make major investments in order to achieve a significant shift in production rates.

Meanwhile, Ganope successfully connected 1.5 million residential, commercial, and industrial consumers in Upper Egypt to the natural gas grid. It delivered natural gas to 181,000 consumers in the past FY, El Batal pointed out.