Ganope to drill $33M exploration wells; targets over $4B revenues in FY2026/27
Updated 3/15/2026 11:42:00 AMArab Finance: South Valley Egyptian Petroleum Holding Company (Ganope) plans to drill five exploration wells at an estimated value of $33 million, Chairman Ashraf Bahaa announced during the company's ordinary general meeting.
During the OGM meeting, Bahaa reviewed the key features of the company’s new budget for fiscal year (FY) 2026/2027, which targets revenues exceeding EGP 4 billion and net profits of over EGP 1 billion.
In coordination with the Egyptian Exploration and Production Gateway (EUG), Ganope offered 16 investment opportunities, the chairman noted.
He added that the company's ongoing agreements for oil and gas exploration and production are eight, covering an area of 37,000 square kilometers.
Bahaa also addressed the launch of a global bid round for the Red Sea, scheduled to close in May. The round includes four exploration blocks covering a total area of 23,450 square kilometers.
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