Sino Tharwa Drilling Company is the second largest land-drilling contractor in Egypt. Recently the company initiated efforts to expand into the offshore industry as well. With extensive financial and logistical support from China and Egypt, SinoTharwa provides drilling and work-over rigs to the oil and gas industry in Egypt. SinoTharwa has maintained a strong presence in Egypt since its inception eight years ago. The company benefited greatly from solid support of both Chinese and Egyptian backers as well as a motivated and well-experienced management team.
Sino-Tharwa Drilling Company was established in 2005 as a joint venture between Sinopec Star Petroleum Co. and Tharwa Petroleum Company – a subsidiary of the Egyptian Ministry of Petroleum & Mineral Resources. Each entity holds a 50% percent share of the company.
The company started with 18 million USD in capital investment. In 2007 capital investment reached 40 million USD. In 2008 the Egyptian Natural Gas Holding Company (EGAS) entered into the joint venture and by the end of 2008, capital investment reached 80 million USD. Currently capital investment stands at 586 million USD. According to SinoTharwa’s annual report for 2012, the company successfully occupies a substantial market share with 22% of drilling rigs, making it one of the most competitive petroleum engineering companies in Egypt.
According to SinoTharwa’s Annual Report for 2012, the company currently owns and operates eighteen rigs, thirteen land drilling rigs, four work-over rigs and one offshore rig. Total number of drilled footage has increased from 733,539 feet during 2011 to 968,062 feet in 2012.
SinoTharwa employs a daily, monthly, and yearly maintenance program to sustain all equipment for optimal performance and usability. All rigs are issued a variety of international maintenance certificates. In 2007 SinoTharwa proactively a established rig maintenance education program. In addition to a variety of safety certificate and maintenance workshops SinoTharwa makes considerable effort to have backup-drilling equipment in order to efficiently remedy any sudden malfunction.
SinoTharwa has enjoyed much success in 2012 as a result of implementing a well-planned strategy. Average rig utility is estimated at 98.83%. Total working days increased from 5,676 days in 2011 to 6,487 days in 2012. Total amount of wells drilled increased from 90 in 2011 to 104 in 2012. SinoTharwa also participated in 27 onshore tenders in 2012.
One of the company’s main goals for 2012 was domestic, regionally and international expansion. SinoTharwa succeeded in signing work agreements with Syria, Libya, Iraq and Yemen. Additionally, the company succeeded in extending their existing contracts, as well as forging new contracts and relationships with an average 17% increase in daily rates.
SinoTharwa is continually adopting new strategies to sustain the company’s prominence and competitiveness in the drilling market. The company has a five-year plan to add nine more rigs. The company is negotiating to buy a new work-over rig, the 650 HP and two land drilling rigs the 2000 HP. The expected date of rig arrival is the second half of 2013. During 2013, the company will renew its contract for ST-1 with a rental value of 2.09 million USD. In 2013, the company expects to deliver and commence operations both onshore and offshore drilling with the safely and reliably SinoTharwa is known for.
Sino Tharwa owns the most advanced offshore rig in Egypt, the Bahari-1. The rig is 3200 HP and it can reach a depth of 30,000 feet.
- The price of the rig is estimated at 342 million USD.
- Has 59 ft long legs with increased capacity for greater land resistance.
- Carrying capacity of 6,000 tons. 3,700 tons reserved for equipment.
- Special pumping system to deliver maximum amount of water
- Ability to operate five machines with high efficiency.
- Onboard technical support 24/7 with emergency team as second line of support.
- 2 Mbps dedicated satellite space segment.
- Backup connection through 1 Mbps shared VSAT connection.
- Auto Tracking TV system which provides a variety of channels
- CCTV to monitor main deck, rig floor, helideck and meeting room.
- Navtex receiver system for weather reports and navigation warnings.
- National Echo Sounder to send signals to the seabed.
By: Wael El-SeragDownload