A source at Ganoub El Wadi (Ganope) stated to Egypt Oil&Gas that Ganope signed a Memorandum of Understanding (MoU) with Russia’s Zarubezhneft Jst and the Egyptian Natural Gas Holding Company (EGAS). The agreement came in efforts to develop petroleum production ratio, and study the execution of projects in the field of exploration, transportation, oil and gas marketing and wells development. The MoU also includes establishing a training project in the fields of production development.

Meanwhile, Ganope has been awarded the huge discovery that was recently announced in East Gabal El Ziet concession, near Suez. The concession owns around 250mb reserves of crude oil at a 39% quality grade. The company is planning to produce an average of 1500b/d of crude within the fiscal year 2017/2018.

In related news, Ganope was in talks with five companies over collecting geophysical data in open areas in the company’s geographical scope at a value of $1b. Ganope’s Vice Chairperson for Agreements and Exploration, Osama Farouk, had stated that the value of the offers received by Ganope was initially estimated at $758m, however, the company eventually succeeded in increasing the value of the data collection to be around $1b.