Latest news with #Ganope
Russia Today
26-06-2025
- Business
- Russia Today
Russian oil giant to expand presence in Egypt
Russian oil company Lukoil has signed a new agreement with South Valley Egyptian Petroleum Holding Company (Ganope) to begin oil exploration in the Eastern Desert, Egypt's Ministry of Petroleum and Mineral Resources announced on Wednesday. The deal entails carrying out 3D seismic surveys across an area of 200 square kilometers and drilling six exploratory wells in the South Wadi El-Sahl, an area officials described as 'promising' thanks to its proximity to existing infrastructure and processing facilities. According to the ministry, the location is expected to lower development and operating costs. The agreement aligns with Egypt's strategic objective of maximizing domestic oil production and reducing the cost of petroleum products by intensifying exploration and drilling programs, according to the ministry Earlier this year, the Russian oil giant also won the right to work on the neighboring Wadi El-Sahl project, following parliamentary approval of a new agreement with Egyptian General Petroleum Corporation. Last March, a former Egyptian minister of petroleum and mineral resources, Tarek El Molla, noted that the Russian company was interested in expanding its footprint within the country's energy sector. 'They are good partners and they want to expand their business in Egypt, they are discussing new concession areas,' he said, as quoted by TASS. Lukoil has been operating in Egypt since 1995 and currently holds a 24% stake in the Meleiha project in the Western Desert, operated by Italy's ENI. The Russian company also owns a 50% stake in the West Esh El-Mallaha field in the Eastern Desert. The latest agreement is part of Lukoil's broader strategy to expand its presence across Africa. Last September, the company struck a deal with the Republic of Congo to deepen cooperation on oil and gas exploration.
Zawya
25-06-2025
- Business
- Zawya
Egypt signs agreement for regional seismic survey in Southern Western Desert
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has witnessed the signing of a new agreement to carry out a regional seismic survey in the southern Western Desert, as per a statement. The signing marks a significant step in boosting exploration activities in Upper Egypt. The agreement was signed between South Valley Egyptian Petroleum Holding Company (Ganope) and the Ardiseis Egypt branch. It involves a two-dimensional seismic survey using ground-based node technology. The project spans approximately 103,000 square kilometers, including the West Assiut and Dakhla sedimentary basins, with a total survey line length of around 5,233 kilometers. Operations are set to begin within the few coming weeks. Badawi said the survey represents an important step towards opening new horizons for exploration in promising geological areas, especially in Upper Egypt. He added that the project also strengthens technical and investment cooperation between the Egyptian and Saudi petroleum sectors, aligning with Egypt's broader strategy of advancing regional integration. Furthermore, the agreement supports the goals of the sector's first strategic axis: delivering petroleum products to citizens at the lowest possible cost by ramping up production and expanding exploration and drilling activities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
