According to Abu Bakr Ibrahim, Chairman of Ganope, the company has made a total of 17 agreements, in addition to 5 new agreements currently being finalized, reported Egypt Oil & gas (EOG).

The 5 agreements were the result of a 2014 tender, and are worth about $100.3m, in addition to a signing bonus of $3.7m for the drilling of 16 new wells.

Ibrahim added that the company’s production of oil has reached around 31,000b/d.

It was also pointed out that Assiut Oil Refinery has successfully supplied 84.5% of upper Egypt’s supply.