Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, approved the outcomes of the general assembly of Tharwa Petroleum Company for the year 2024.
Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, approved the outcomes of the general assembly of Tharwa Petroleum Company for the year 2024.
The Minister emphasized the importance of building on what Tharwa Petroleum has achieved recently in exploration, production, and petroleum services, and stressed the need to leverage the company’s distinguished technical petroleum personnel to form a technical arm capable of identifying new investment opportunities, both inside and outside Egypt.
Engineer Mahmoud Abdel Hamid, Chairman of the Board and Managing Director, stated that in 2024, the company succeeded in achieving 3.7 million cumulative safe working hours without any lost-time injuries for the ninth consecutive year. This was the result of intensive efforts to instill a strong culture of occupational safety and health among employees through numerous training courses and awareness seminars in line with sustainable development goals.
On the technical front, Engineer Mahmoud added that the company successfully increased its proven petroleum reserves by approximately 3.5 million barrels in the East Abu Sennan area and made a new oil discovery, which opens up new horizons for development and increased production rates.
He also noted that the company continues to focus on cost-reduction policies, especially in terms of direct operating expenses in the areas it manages. This includes replacing leased production facilities with permanent alternatives, improving energy efficiency, narrowing the gap between generated electrical capacity and actual consumption, and optimizing the use of associated gas as a fuel substitute for diesel.
These efforts have led to significant savings in diesel consumption as well as a positive environmental impact by reducing carbon dioxide emissions.
The Chairman also confirmed that the company has paid great attention to implementing training programs aimed at developing human capital, considering it the foundation for continuous improvement and sustainability.
In alignment with the Ministry’s digital transformation strategy, the company developed its human resources management systems using the SAP system.
He concluded by noting that all the policies adopted by the company were reflected in its financial performance in 2024, with operational revenues reaching approximately $37.2 million, along with a 16% reduction in operating costs compared to the previous year.
Multiple news have reported on the association’s recent activities, as shown in the attached report.
