Tharwa Petroleum Company is waiting for official approval for exploration and production (E&P) in the Noor concession in order to start drilling work, a source at the company told Amwal Al Ghad.

Upon signing the agreement, the company will take over the concession sites and begin digging an exploratory well to determine the indicators for the concession areas are positive or negative. Following this, the company will decide on the number of wells to be drilled in the following stages and provide estimates about reserves, the source pointed out.

The source said that it is unclear at the moment how much the company will invest in the Noor project. The rise in global oil prices, as well as unexpected challenges faced during drilling, may affect the company’s overall level of investment.

The Egyptian parliament’s energy committee previously approved E&P activities in the Noor concession, in the Mediterranean Sea. The agreement is between the Italian company Eni, Tharwa Petroleum Company, and the Egyptian Natural Gas Holding Company (EGAS).