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H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, Attends Tharwa Petroleum Company General Assembly

H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, approved the General Assembly of Tharwa Petroleum Company, Tharwa’s assembly was held with the presence of Geologist Alaa El-Batal, CEO of the Egyptian General Petroleum Corporation, and Dr. Magdy Galal, Chairman of the Egyptian Natural Gas Holding Company (EGAS), and Dr. Nael Darwish, Chairman of South Valley Petroleum Holding Company.

Eng. Ihab Ragaee, Chairman of Tharwa Petroleum Company, presented the company’s busines results for the year 2022, he confirmed that past year the company has exerted its efforts in the research and development activities, to increase the production rates as well as petroleum reserves, (7) wells were drilled (3 exploratory – 4 developmental) resulting the addition of proven petroleum reserves estimated at about 2.6 million barrels with an average daily production of 5770 barrels of oil.

Tharwa Petroleum Company has achieved (16.2%) increase in the Research and Exploration revenues for the fiscal year 2022, the revenues for the year 2022 amounted to 44.4 million US dollars, compared to 38.3 million US dollars for the fiscal year 2021, Eng. Ragaee also assured that the company has maintained a strong strategy for reducing expenses, especially direct operating expenses in the areas managed by Tharwa.

During the year 2022, in compliance with the company’s vision to raise occupational safety and health performance rates, Tharwa has intensified its efforts in the field, as the company succeeded for the seventh consecutive year in achieving more than 3 million safe combined working hours without lost hours.

In conclusion, Eng. Ehab Ragaee expressed his thanks and great appreciation for H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, for his continuous support to Tharwa Petroleum Company, as well as to the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company (EGAS).

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