Ganoub El Wadi Petroleum Holding Company (Ganope) is preparing to sign four new petroleum agreements, Egypt Oil & Gas reports.

The company had 16 petroleum agreements ongoing till the end of fiscal year (FY) 2017/18.

Company head Mohamed Abdel Azzim announced the plans during the general assembly chaired by oil minister Tarek El Molla to review the company’s results.

Crude production by Ganope’s subsidiaries and associated companies reached 23,000 barrels per day (b/d) due to a program to boost production as part of the ministry’s modernization program, Abdel Azzim stated.

The Assiut Refining Company (ASORC) contributed to providing a large part of Upper Egypt’s needs of petroleum products, Abdel Azzim said, adding that it secured 5.9 million tons of petroleum products during 2017/18.