Oil field- Creative Commons via Pixabay
CAIRO – 21 November 2017: Ganoub El-Wadi Petroleum Holding Company (GANOPE) planned to drill eight exploration wells and eight discovery wells in fiscal year (FY) 2017/18, a company source said Tuesday.
Speaking to Egypt Today, the source said GANOPE will also complete drilling five wells, which they started working on during the previous fiscal year, in addition to conducting maintenance to 27 wells.
The company also plans to increase its daily production to 22,500 barrels of oil per day.
Earlier this year, Ganope signed agreements with American corporation for drilling technologies Schlumberger and British company TGS to provide the government with geo-science data for exploring and producing oil and gas, with $750 million contracts to start collecting the geo-science data in Egyptian waters.
Egypt owns six billion barrels of crude oil and 23 billion barrels of natural gas equivalent in the economic water of the Red Sea; in addition to the expected reserves of gas and oil shale in Southern Egypt that are estimated at around eight billion equivalent barrels, according to statistics by the United States Geological Survey.