Ganoub El Wadi Petroleum Holding Company (Ganope) is targeting in its Fiscal Year (FY) 2020/21 plan to continue developing its fields and achieve a rise in petroleum production by 17%, with daily production average to reach 27,500 barrel per day (b/d), according to a press release.
Mohamed Abdel Azim, the Chairman of Ganoupe, pointed out that the plan involves an expansion in the company’s exploratory activities by drilling 16 exploratory wells with total investments of $53 million.
Abde Azim remarks came during the general assemblies of Ganope, headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla, to approve the company’s planning budget of FY 2020/21, in attendance of Amr Hanafi, Red Sea Governor, Ashraf Al Daoudi, Qena Governor, Ashraf Attia, Aswan Governor and other senior officials in the petroleum sector.
El Molla urged the need to finalize the needed procedures to implement the projects of collecting information and data of the Red Sea and Upper Egypt exploratory areas.
Meanwhile, Abdel Azim declared that the company will start the mutual project of collecting data and information for Upper Egypt on a wide area that is more than 0.5-million-meter square by using the latest and most updated technologies.
Regarding natural gas delivery, Abdel Azim said that Ganope’s plan is aiming at delivering natural gas to 180,000 housing units in FY 2020/21 in the governorates of Al Fayoum, Beni Suef, Minya, Sohag, Luxor, Qena, and Aswan, noting that the company has succeeded in achieving an excellent rate of delivery in H1 of FY 2019/2020 with a capacity of 92,600 housing units.