Ganoub El Wadi Petroleum Holding Company (Ganope) achieved three new oil discoveries at its oil fields, two of which were brought online at the oil fields of Eish AL Mallaha and Petro Mallaha during Fiscal Year (FY) 2018/19, a press release by the Ministry of Petroleum and Mineral Resources pointed out.

The three wells are being evaluated with investments reaching $20 million. The PGC had completed drilling the first well at the end of August. Still under evaluation, the third one, located at the Suez Gulf area and operated by Petrogulf Corporation (PGC) is the biggest of all.

Such statements came during a meeting between the Ganope Head Mohamed Abdel Azzim and Minister of Petroleum and Mineral Resources, Tarek El Molla, in the attendance of Aswan governor, Ahmad Ibrahim.

El Molla confirmed during the meeting that the coming period will witness an intensive activity in the research, Exploration and Production (E&P) in the Red Sea after International Oil Companies (IOCs) offers had been submitted and evaluated. This will be the first global bid for research and exploration for oil and gas in this region, which opens new horizons to attract more investments and achieve new discoveries.

Abdel Azzim said Ganope’s total production reach 25,000 barrels of oil equivalent per day (boe/d), adding that his company drilled eight exploratory wells, 20 developmental wells, and re-drilled five other wells.

Ganope is planning to dig 16 news wells FY 2019/20, with investments estimated at $56 million.

Ganope’s head also said that Assiut Refinery had refined around 3.5 million tons of crude oil which met the demands of the domestic market in Upper Egypt. Abdel Azzim also said his company is establishing two gasoline stations dedicated to fueling vehicles owned by El-Neel Oil Marketing Company – an Egyptian joint-stock company in which Ganope has a 30% share. The total number of stations owned by the company reached 70, and 15 new others are still underway.