Tharwa Petroleum Company drilled seven development and exploratory wells and successfully made two new oil discoveries at Abu Sennan concession in 2017, Egypt Oil & gas reports.
Selim El Serougy, head of Tharwa Petroleum, announced the news, adding that the company’s total output reached around 2 million barrels of crude oil.
This came during the general assembly chaired by Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the company’s results for 2017.
El Molla authorized the Lotus Petroleum Company to handle operations in the Abu Sennan field on behalf of Tharwa Petroleum and the Egyptian General Petroleum Corporation, as a part of the company’s plans to increase production.
El Serougy also said that the company will drill 17 new wells in 2018 following the revelation that Abu Sennan contains 7 million barrels of oil.
Tharwa Petroleum is keen to enter partnerships with international companies in new concession areas, the company’s head said, adding that the company has developed its financial and administrative structure as part of the oil and gas sector restructuring and modernization program. The development project of Tharwa Petroleum, along with setting a strategic vision and a specific work plan for the company, was assigned to a specialized international company in cooperation with Oil and Gas Skills Company.