Eng. Sameh Fahmy, the minister of petroleum, stressed on the importance of the continuous work to increase the financial profit from oil resources industry, and he encouraged the Egyptian companies to invest more in the search and exploration for oil and gas in light of the successes achieved during the last period and proved the capability of competing with local and regional levels.

That came during the meeting of the general assemblies of Tharwa Petroleum Company, Tharwa-Breda Petroleum Service Company (TBPSCO) and Oil & Gas Skills (OGS) to announce their fiscal results of 2009.

Atef Abdel Sadek, Chairman of Tharwa Petroleum Company the first Egyptian company for research and exploration, announced throughout the meeting a new discovery in West Esh El Mallaha area west of Hurghada in the eastern desert. The find was made in last February with an average of 1300 barrels per day, after the company won the acquisition bid raised by Ganope (Ganoub El Wadi Petroleum Holding Company).

Atef added that his company is planning for the field development to increase production during the present year, in addition to a program of research and exploration which includes drilling three exploration wells and to spend $11 million in the primal research. He said that Tharwa started producing gas from Al Theka area of the Mediterranean Sea in January 2009 with daily average of 90 million cubic feet.

“We are now drilling exploratory wells in El Arish on the Mediterranean Sea, based on supported results of interpretation of three-dimensional seismic data. Also we prepared a plan to drill in the concession areas of Siwa and Salloum, including drilling a new exploration well in the Siwa block and conduct a seismic survey in the area of Salloum,” said Atef Abdel Sadek.

Eng. Ahmed Aboud, Chairman of the Board & Managing Director of Tharwa-Breda Petroleum Service Company (TBPSCO), pointed that the company’s activity includes manufacturing, assembling and selling petroleum wellheads, valves, control units, skids and devices related to these equipments. Also provide engineering and technical support services, maintenance, testing, and repairing for the mentioned products.

Fahmy also praised Oil & Gas Skills (OGS) work, represented in assimilate and transfer modern technology, preparing Egyptian cadres in this vital field, and improving the services provided to Petroleum companies working in Egypt.