Tharwa Petroleum Assembly held for the year 2023. El-Molla praises the company’s performance this year and revenues reach $47 million

Eng. Ehab Ragaee: We succeeded in increasing the proven petroleum reserves in the East Abu Sennan region and opening new horizons for the development of discovered reserves.

The General Assembly of Tharwa Petroleum Company was held to discuss the results of the fiscal year (2023) under the chairmanship of Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, and in the presence of Eng. Sherif Hasballah, Undersecretary of the Ministry of Petroleum for Petroleum Affairs, Dr. Samir Raslan, Head of the Central Administration for Agreements and Exploration, and Geologist Alaa Al Batal, CEO of the Egyptian Authority. General Petroleum Corporation, Eng. Yassin Mohamed Yass, CEO of the Egyptian Natural Gas Holding Company (EGAS), and Eng. Ashraf Bahaa, Chairman of the Board of Directors of the South Valley Petroleum Holding Company.

Eng. Ehab Ragaee, Chairman of the Board of Directors and Managing Director of Tharwa Petroleum Company, reviewed the most important results of the company’s business, as he confirmed that during the year (2023), All the policies adopted by the company this year were reflected in the financial performance, as activity revenues for the year 2023 increased to about $46.9 million, and net profit reached $9.1 million, an increase of about (300%) over the previous year.

In the field of safety, Tharwa Petroleum Company has intensified its efforts to consolidate and instill a culture of occupational safety and health among its employees, through the implementation of many training courses to qualify and train workers, in addition to awareness seminars within the framework of sustainable development.

At the level of technical activity, the company has intensified research and development activities in the company’s concession areas under its management, and the company has succeeded in increasing proven petroleum reserves in the East Abu Sennan region, in addition to opening new horizons for operations to develop discovered reserves.

In partnership with partners in the concession areas, the company was able to implement the entire drilling plan, which in turn was reflected in an increase in actual production rates over the target by 120%.

In continuation of the company’s interest in the policy of reducing expenses, especially direct operating expenses in the areas under its management, by using the gas associated with production in the Horus region as a fuel alternative to diesel for electric power generators, this resulted in a saving in diesel consumption in addition to the positive impact in reducing the percentage of carbon dioxide emissions. The percentage of losses between produced and sold oil was also reduced, and the electrical connection work for the producing wells in the East Abu Sennan area was completed.

At the conclusion of the General Assembly meeting, Minister Eng. Tarek El-Molla praised the positive results achieved by the company during the year 2023, thanked the company’s employees and asked them to continue the efforts made to achieve more successes.

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