Petroleum Minister Tareq el Molla said new international companies are planning to pump investments in oil exploration in the Red Sea region in the coming period. <\/p>\n
This came at a general assembly meeting of South Valley Egyptian Holding Company for Petroleum (Ganope) to endorse the proposed budget for the fiscal year 2019\/2020. <\/p>\n
In a statement on Thursday, the minister said that Egypt has started exploring oil and gas in Red Sea following the signing of the Egyptian-Saudi maritime border demarcation agreement. <\/p>\n
Ganope\u2019s chairperson Mohamed Abdel Azim said new companies will drill nine exploratory wells in the second half of FY 2018\/2019 and the FY 2019\/2020 with the view to reaching an average production rate of about 25,000 barrels per day (bpd). <\/p>\n
Earlier, the petroleum Minister said that a seismic survey for 10,000 km in the Red Sea region was completed ahead of the launch of a global bid for oil and gas exploration in the Red Sea. <\/p>\n
The bid will be put forth after obtaining the results of the Geophysical Data Collection Project in the Red Sea. <\/p>\n
The project is carried out in cooperation with South Valley Egyptian Petroleum Holding Company (GANOPE) and the Norwegian geophysical company TGS and Texas-based Schlumberger. <\/p>\n
In July, the Petroleum Ministry, represented by GANOPE, signed an agreement with Schlumberger and TGS to provide the government with geo-science data for exploring and producing oil and gas. <\/p>\n
The unexplored offshore Egyptian Red Sea area is made up of large, untested structures and well-established hydrocarbon systems, which offer exceptional growth opportunities for oil companies,” CEO of TGS Kristian Johansen said earlier.<\/p>\n
According to the company, the First 2D data volumes will be available Q3 2018 and the Final data volumes for prestack time-migrated (PSTM) data and prestack depth-migrated (PSDM) data will be available in Q4 2018 and Q1 2019 respectively.<\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
Petroleum Minister Tareq el Molla said new international companies are planning to pump investments in oil exploration in the Red Sea region in the coming period. This came at a general assembly meeting of South Valley Egyptian Holding Company for Petroleum (Ganope) to endorse the proposed budget for the fiscal year 2019\/2020. In a statement […]<\/p>\n","protected":false},"author":40,"featured_media":122399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[2484,45647,45648,40994,45650,45646,45649],"class_list":["post-122398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-egypt","tag-ganope","tag-mohamed-abdel-azim","tag-petroleum-minister","tag-schlumberger","tag-tareq-el-molla","tag-tgs"],"yoast_head":"\n