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There is no doubt that 2015 was a turbulent year, with low oil and gas prices. In spite of that, Ganope successfully navigated an extremely volatile oil market in which prices again declined precipitously The Company delivered outstanding operational performance and is well positioned to grow through assigning five new concessions.

 


Since 2003, the company has enjoyed steady growth while evolving into a mature and efficient organization. We now have 16 current concession agreements, and two joint venture companies in addition to the ten EGPC JV companies supervised by Ganope.
 
December 2007 was one of the most successful years in our history to date, as it was marked by the start-up of the oil production from Al-Baraka Well; where crude oil was shipped regularly to Assiut Refinery. Eventually, commercial explorations have followed. We expect that the cumulative production of Kom Ombo fields to be around 800 thousand barrels by the end of this fiscal year. This will subsequently confirm the presence of a Hydrocarbon system in Upper Egypt.

Cooperation with sister entities:

In coordination with the Egyptian General Petroleum Corporation EGPC, the Company succeeded to meet Upper Egypt Governorates demands of petroleum products, especially Gas oil. Assiut Refinery contributed to provide about 83.3% of Upper Egypt Governorates petroleum products consumption, which witnessed a sharp increase rate of 9.3% over last year's consumption. The Refinery covered about 64.4% of Gas oil consumption. It is worth noting, that Ganope supplied about 6.05 million tons of petroleum products, for Upper Egypt Governorates demands, during the fiscal year 2012/2013, with a decrease of approximately 223 thousand tons compared with last year's consumption.

As for our Natural Gas Connection Projects, in coordination with The Egyptian Natural Gas Holding Company (EGAS), Ganope took big steps forward, as natural gas was connected to about 377,000 residential customers, 1728 commercial customers and 70 factories. This results in supporting the development plans for Upper Egypt as well as decreasing the LPG & other liquid products consumption rates, which, accordingly, will have a direct impact on saving subsidies allocated for these products and shifting it to other fields.

Apart from building on our core conventional and unconventional activities, we are also exploring opportunities in other energy sectors, including geothermal, solar and wind energies. .

Having great assets isnít enough. Delivering consistently strong results requires a commitment to excellence from all of our people. Ganope is built on a foundation of respect and teamwork. We will surge ahead and achieve breakthroughs in our work by innovation, determination and diligence.


Dr. Sherif Sousa
 
   Chairman