Egypt's Ganope plans to drill 16 exploratory wells in FY20/21

Four exploratory wells will be drilled in the next period

  
Storage tanks of kerosene are seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. Image for illustrative purposes.

Storage tanks of kerosene are seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. Image for illustrative purposes.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: Ganoub El Wadi Petroleum Holding Company (Ganope) plans to drill 16 exploratory wells during fiscal year 2020/2021 with a total investment cost of $53 million, the company’s chairman Mohamed Abdel Azim said.

The company also plans to drill four exploratory wells before the end of FY19/20, Abdel Azim added in a statement on Monday.

He further revealed that new Russian investments have been poured into the oil and gas exploration in Egypt. ZNP invested a total of $71 million in oil and gas exploration in Southeast Ras El-Esh area and acquired 50% of East Gabal El-Zeit area.

In the statement, the Egyptian minister of petroleum Tarek El-Molla revealed that the ministry plans to supply up to 180,000 residential units in Upper Egypt with natural gas during FY20/21.

The plan covers Fayoum, Beni Suef, Minya, Assiut, Sohag, Luxor, Qena, and Aswan.

El-Molla added that during the first half of FY19/20, nearly 92,600 residential units were supplied with natural gas.

Source: Mubasher

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