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.