Minister of Petroleum and Mineral Resources Karim Badawi emphasized the importance of more effectively promoting investment areas in southern Egypt to attract more foreign companies.
This promotion, he said, will be supported by planned seismic surveys and the inclusion of several petroleum companies into concessions in the region.
Badawi’s remarks came Friday when he chaired the general assembly meeting of the Egyptian Petroleum Holding Company (Ganope) to approve the results for the fiscal year 2024-2025.
The meeting was attended by the governors of the Red Sea, Qena, Luxor, and Aswan via video conference, along with several petroleum sector key officials and representatives from the Central Auditing Organization.
The minister praised the efforts of the petroleum sector workers in meeting citizens’ needs of natural gas and petroleum products during the summer season, which saw unprecedented high temperatures this year. He also stressed the importance of supporting human resources in the sector through training programs.
For his part, Ganope’s Chairman, Ashraf Bahaa El Din, reviewed the main results of the company’s performance.
He stated that the total crude oil production for Ganope and its affiliated companies reached approximately 12 million barrels during the 2024-2025 fiscal year, with an average daily production of 32.5 thousand barrels per day, marking a 6% increase from the previous year, in addition to increasing gas production through drilling, completing, and repairing over 60 development wells.
Bahaa El Din also mentioned that the number of enforceable agreements hit eight by the end of the fiscal year, in addition to another four areas and 15 promising investment opportunities being coordinated for promotion through the Egypt exploration portal.
He noted that they also expanded their exploration efforts by drilling six new exploratory wells after conducting the necessary technical studies in the search and production areas, with a total cost of $21 million.
