The development and expansion of investments in the petroleum and mining sectors in Upper Egypt are of top priority on the Ministry of Petroleum and Mineral Resources’ agenda, Petroleum Minister Karim Badawi stated on the sidelines of the general assembly of Ganoub El-Wadi Petroleum Holding Company (GANOPE) .

The Ministry is currently working to lure further investments to Upper Egypt in the fields of gas and oil exploration and refining, along with expanding household gas delivery projects and mineral resources activities, Badwi said.

Moreover, the Minister emphasized the need to bolster efforts in the Red Sea region, where several international companies invested in the oil exploration sector.

This is in addition to optimizing efforts to leverage the activities and studies conducted in this region.

The Minister also directed to immediately conduct the needed studies to determine the possibility of using underground thermal energy in the Gulf of Suez region.

For his part, GANOPE's Chairman Ashraf Bahaa revealed that the company produced a total of 11.2 million barrels of crude oil in the fiscal year (FY) 2023/2024 at an average daily rate of 30,700 barrels a day, marking a 36% year on year (YoY) increase in production.

He added that the company drilled nine new oil exploration wells with investments of around $40 million.

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