Cairo: South Valley Egyptian Petroleum Holding Company (Ganope) signed a Memorandum of Understanding (MoU) with the Danish company Fugro to conduct survey and analysis work on the “petroleum seepage” at the bottom of the Red Sea. This collaboration aims to leverage Fugro’s expertise in geotechnical and survey services to enhance the exploration efforts in the region.

According to State Information Service Egypt, the initiative aligns with the Ministry of Petroleum and Mineral Resources’ strategy to intensify exploration and research activities, focusing on virgin basins. The studies are expected to improve the understanding of the petroleum system in the Red Sea area, which is anticipated to support efforts in attracting investments by providing precise technical data to potential investors.

The MoU was formalized by Mohamed Radwan, Vice President of Ganope for agreements and exploration, and Ali Shash, President of Fugro in Egypt. The agreement marks a significant step in advancing Egypt’s capabilities in oil and gas exploration, particularly in underexplored regions like the Red Sea.