Ahmed Anwar, Chairman of Sino Tharwa, has informed Egypt Oil & Gas that the company has tendered for and won an international bid round in Algeria.
The move is part of the company’s effort to enter the international market, and has the added benefit or promoting Egypt’s name abroad.
The company won the contract to lease two rigs, ST-14& ST-15, each with a capacity of 1500 HP.
The project is worth investments of $77m, over a period of three years.
Currently, work is about to commence on the ST-14 rig, while ST-151 will be ready for drilling within the coming two months.