Arab Finance: The South Valley Egyptian Petroleum Holding Company (Ganope) increased average crude oil production to around 33,000 barrels per day (bpd) in the fiscal year (FY) 2025/2026 and is targeting 44,000 bpd in FY2026/2027, Chairman Samir Raslan noted.
The company has secured preliminary approvals for six new petroleum agreements with minimum combined investments of $83 million, Raslan added during Ganope’s general assembly meeting, chaired by Minister of Petroleum and Mineral Resources Karim Badawi.
Ganope has offered new investment incentives to attract international oil companies to its concession areas. British oil company bp was awarded Block (6) in the Red Sea, marking the first agreement in southern Egypt to adopt a profitability-based model.
Negotiations are underway with two international companies for further investment agreements in the region.
For his part, Badawi said the coming period will see increased investment and exploration activity across Ganope’s areas.
The minister highlighted seismic surveys covering around 100,000 square kilometers in the southern Western Desert, with 73% of the work completed and preliminary results indicating promising geological potential.
