Egypt's South Valley Petroleum plans to drill five exploration wells worth $33mn

Egypt’s South Valley Egyptian Petroleum Holding Company (Ganope) plans to drill five exploration wells at an estimated cost of $33mn, according to a statement from the Ministry of Petroleum and Mineral Resources on March 12, cited by Al Masry Al Youm.

Ganope is one of the four major state-owned holding companies in Egypt’s petroleum sector. It is responsible for overseeing oil and gas exploration, production, and investment activities in Upper Egypt and the Red Sea.

Company chairman Ashraf Bahaa said Ganope is targeting revenues exceeding EGP 4bn and net profits of more than EGP 1bn this year.

Bahaa added that the company has offered 16 investment opportunities through the Egypt Upstream Gateway (EUG). Currently, eight oil and gas exploration and production agreements are in force, covering an area of about 37,000 square kilometres.

The remarks came during the company’s ordinary general assembly meeting to approve the investment budget for FY 2026–2027..

Bahaa also pointed to the launch of a global bid round for the Red Sea, scheduled to close next May. The round includes four exploration blocks covering a total area of 23,450 square kilometres. The opportunities are being promoted through international conferences, specialised workshops and geological field trips for potential investors.

He noted that seismic data acquisition in Area (B) west of Assiut has been fully completed, with data processing now underway. Initial survey indicators are expected in March.

Meanwhile, a major two-dimensional seismic survey covering about 100,000 square kilometres in the West Nile and the southern Western Desert is continuing, aimed at placing new frontier areas on Egypt’s petroleum investment map.