Ganope inks $750M deals with British TGC, U.S. Schlumberger

CAIRO – 21 July 2017: South Valley Egyptian Petroleum Holding Company (Ganope) signed two contracts with the British TGC and the U.S. Schlumberger with investments exceeded $750 million Thursday.

The deals aim to implement two projects for collecting geophysical seismic data for the Egyptian waters in the Red Sea and southern Egypt regions, company's chairman Sherif Sousa said Friday.

He added that Ganope intends to offer several global bids for oil and gas exploration in the region of the Red Sea in the coming five years.

The petroleum company's Head highlighted that his firm has studied the ways being followed in similar projects in Egypt, Gulf of Mexico, North Sea and South Africa and reached the best ways and systems that would enable the companies submitted offers to offer the up-to-date technology in this fields, despite its rarity in such areas.

Egypt owns 6 billion barrels of crude oil and 23 billion barrels of natural gas equivalent in the economic water of the Red Sea, in addition to the expected reserves of gas, oil shale in Southern Egypt that are estimated at around 8 billion equivalent barrels, according to statistics by the United States Geological Survey.