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Arab Finance: South Valley Egyptian Petroleum Holding Company (Ganope) and BP Exploration (Delta) Company Limited penned a memorandum of understanding (MoU) for the award of Block (6) in the Red Sea, according to a statement.
Ashraf Bahaa, Chairman of Ganope, inked the deal with William Lin, Executive Vice President for Gas & Low Carbon Energy at bp, during the first day of EGYPES2026.
The agreement aims to accelerate oil exploration activities and develop petroleum resources in the Red Sea basin.
Minister of Petroleum and Mineral Resources Karim Badawi also witnessed the signing of another MoU between Ganope and SLB's WesternGeco Egypt to deploy an advanced seismic survey using ocean bottom nodes (OBN) technology in the Red Sea.
The MoU contributes to securing high-quality data, improving the understanding of geological structures and subsurface reservoirs, and supporting the expansion of promising areas in the Red Sea.
It is worth noting that Ganope plans to drill five exploration wells at an estimated value of $33 million in fiscal year (FY) 2026/2027.
