Ganope to sign $100 million oil agreements soon in Egypt

Egypt’s state-run oil holding company, Ganoub El-Wadi (Ganope) is to sign five agreements for oil explorations and drilling of 16 new wells, chairman Abu Bakr Ibrahim announced Sunday.

The agreements will be with total investments estimated at US$100 million, the official added.

Ganoub El-Wadi Petroleum Holding Company is one of the main entities of the petroleum ministry established according to prime minister decree no. 1755/2002 to manage and supervise all the petroleum activities under latitude line N 28 in Egypt.