Cairo – Mubasher: The South Valley Egyptian Petroleum Holding Company (Ganope) is planning to drill 11 exploratory wells during fiscal year 2021/2022 with investments of more than $37 million, the Chairman Alaa El-Batal revealed.

The number of wells to be drilled might be increased according to the results of the drilling, he added in a statement on Wednesday.

It is also planned to increase the average output of Ganope to 27,600 barrels of oil per day, he stated.

This came during the general assembly of the company headed by the Minister of Petroleum and Mineral Resources, Tarek El-Molla, to approve the budget of the company for FY21/22.

Several oil and gas exploration, development, and production activities are expected to be conducted in the Red Sea under recently-signed agreements with Chevron, Shell, and Mubadala in partnership with Egypt’s Tharwa Petroleum Company, El-Molla revealed.