Ganoub El Wadi Petroleum Holding Company (Ganope) announced a significant 36% rise in crude oil production, reaching 11.2 million barrels (mmbbl) annually, with an average daily output of 30,700 barrels. The company also produced 2,200 million cubic feet of associated gas during the fiscal year (FY) 2023/24.

This announcement was made during Ganope's general assembly meeting, chaired by Minister of Petroleum and Mineral Resources Karim Badawi, to approve the company's operational results for FY 2023/24. 

Increased Reserves and Exploration Success

Ashraf Bahaa El Din, Chairman of Ganope, credited the production increase to the drilling of developmental wells by the company's affiliates, which also boosted oil reserves to 185 mmbbl. He noted that the company holds 11 active agreements covering a total area of 45,000 square kilometers. Additionally, Ganope completed the first phase of seismic data processing in the Red Sea concession areas, showing promising exploration indicators.

Nine new exploratory wells were drilled with a total investment of $40 million, yielding positive results, especially in the North Geisum field of PetroGulf in the Gulf of Suez.

Natural Gas Expansion in Upper Egypt

In the natural gas sector, Ganope reported that over 2 million housing units, 8,400 commercial establishments, and 186 plants in Upper Egypt have been connected to the natural gas network since the start of the project. As part of the "Decent Life" (Haya Karima) initiative, natural gas has been supplied to 176 villages, while the number of gas stations in Upper Egypt increased to 140, along with 24 gas conversion centers.

Energy Efficiency and Emission Reduction Achievements

Ganope implemented several energy efficiency projects, leading to an 8% reduction in specific energy consumption compared to the previous year. The company also reduced carbon emissions by 37,000 tons. Additionally, Ganope achieved 1.9 million safe working hours, thanks to stringent health, safety, and environment (HSE) standards.

Digital Transformation Enhancements

The company also made strides in digital transformation, upgrading its ERP system to enhance connectivity between Ganope, the main sector entities, and subsidiaries. Ganope also launched a cybersecurity system to secure critical information.