The Chairman of Tharwa Petroleum Company, Amr Elleithy, said that the company is planning to drill seven exploratory and developmental wells during 2020, noting that it seeks to obtain six concessions areas and cooperate with major international companies (IOCs) of Total, ExxonMobil, Chevron, BP, and Shell.

Tharwa Petroleum has drilled eight exploratory and developmental wells in 2019, increasing the production rates and overcoming the natural decline of wells’ productivity, according to a press release.

Elleithy, explained that the average production rate reached 6,800 barrels of oil per day (bbl/d) during 2019, adding that the company studied some of the investment opportunities in the exploration and production (E&P) activities as well as cooperated with major international oil companies (IOCs) in these fields.

This came during the general assembly meeting of the company, headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla, and attended by the senior officials in the petroleum sector. During the meeting, El Molla called for an integrated plan for maximizing the petroleum reserves and production during the coming period. It should be noted that Tharwa Petroleum Company (S.A.E.), the Egyptian General Petroleum Corporation (EGPC), and the Egyptian Natural Gas Holding Company (EGAS) will be responsible for forming the plan.

El Molla stressed on the importance of E&P for state-owned companies in order to add new reserves and increase production rates. He added that maximizing revenue and rationalizing expenses should be a priority in order to stand the challenges facing the global petroleum industry and the oil prices decline.