Ashraf Bahaa, Chairman of the South Valley Egyptian Petroleum Holding Company (Ganope), has announced the commencement of the company's second phase in gathering 3D seismic survey data in the Red Sea. 

Once the processing is completed, the company will initiate exploratory drilling in Q1 of 2024, with an estimated cost of $150 million. 

During the review of the company's progress for FY 2022/23 and its plan for FY 2023/24 at the general assembly meeting chaired by Minister of Petroleum and Mineral Resources Tarek El Molla, Bahaa highlighted Ganope's success in securing 12 agreements by the end of FY 2022/23. 

Moreover, three sectors have been allocated to international companies, attracting investments totaling $326 million. Seven exploratory wells were drilled in 2024 within the company's concession areas, costing $23 million. 

Ganope achieved a total production of 9.5 million barrels in FY 2022/23, equivalent to 26,000 barrels per day. The company also completed the implementation of an early production facility (EPF) for GNN fields and established a water processing station at Petrogulf Egypt facilities. 

Bahaa noted a 3.5% reduction in energy consumption and a decrease of 37,000 tons in carbon emissions. 

Regarding national gas delivery projects, Bahaa stated that 1.9 million residential customers, 8,100 commercial customers, and 174 industrial customers were connected to natural gas services by June 2023. 

Minister El Molla emphasized the significant progress in petroleum activities in Upper Egypt, underscoring the importance of collaboration and integration for optimal resource utilization in the region.