In an exclusive statement to Egypt Oil&Gas, an official from Sino Tharwa Drilling Company said that the company had entered a bid in Algeria, through Italian ENI, over renting rig (ST-16), with a capacity of 200 HP. The company’s technical evaluation has been accepted, while results on the financial appraisal is in progress.
Sino Tharwa, which is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and China’s Sinopec Company, has a high chance to win the rig tender. It aims to expand its work and activities outside Egypt through drilling wells in Algeria.
In 2015, Sino Tharwa Drilling Company had tendered for and won an international bid round in Algeria as it had won the contract to lease two rigs, ST-14& ST-15, each with a capacity of 1500 HP, with investments worth of $77m, over a period of three years.