South Valley Egyptian Petroleum Holding Company (Ganope) plans to produce 8.9 million barrels of oil during fiscal year (FY) 2018/2019, according to the company’s Head, Mohamed Shimy, Egypt Oil & Gas Reports.
The company also plans to drill seven exploratory wells and 11 development wells, along with conducting maintenance at 36 wells during FY 2018/2019, Shimy added during Ganope’s general assembly meeting headed by Minister of Petroleum and Mineral Resources, Tarek El Molla.
Ganope’s ambition for FY 2018/2019 goes beyond exploration and increasing production rates. The company is implementing structural developments in light of the ministry’s Modernization Program, which aims to attract investors in the field of research and exploration. The developments also aim to improve the performance of human resources, in addition to supporting decision-making and usage of linked-data.
The meeting aimed to approve Ganope’s budget plan for FY 2018/2019. It was attended by El Molla, Shimy, undersecretaries of the Petroleum and Mineral Resources, the Chairman of Egyptian General Petroleum Corporation(EGPC), the Head of theEgyptian Natural Gas Holding Company (EGAS), the Head of the Egyptian Petrochemicals Holding Company (ECHEM), the Deputy of Accountability State Authority, the President of South Valley University, and the Vice President of the National Investment Bank.