Tharwa Petroleum 2024 Results Approved Minister Calls For New Investment Arm

(MENAFN- Daily News Egypt) Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, on Monday approved the 2024 operational results of Tharwa Petroleum Company during its General Assembly meeting.

During the assembly, Badawi emphasised the importance of building on Tharwa Petroleum's recent achievements in exploration, production, and petroleum services.

He called for leveraging the company's capabilities and skilled technical personnel to establish a technical arm for identifying new investment opportunities, both domestically and internationally, through partnerships with investors. He also highlighted the potential of Egypt's digital portal for exploration and production in achieving this.

“The ministry will continue to support Tharwa Petroleum in expanding its operations and enhancing its competitiveness in exploration and production activities, both in Egypt and abroad, especially as it is a 100% Egyptian joint-stock company,” Badawi added.

Mahmoud Abdel Hamid, Chairperson of Tharwa Petroleum, reviewed the company's key achievements during the year. He explained that the company successfully increased its confirmed reserves by approximately 3.5m barrels in the West Kalabsha area in the South Desert and opened new development prospects to increase production rates.

Abdel Hamid noted the company's adoption of a cost-rationalisation policy, particularly for direct operating expenses in its managed areas. This was achieved by starting to replace rented production facilities with permanent ones. Additionally, efforts were made to improve energy utilisation efficiency, reduce the gap between generated electrical capacity and actual loads, and optimise the use of associated gases as an alternative fuel to diesel. This contributed to a tangible saving in diesel consumption and had a positive environmental impact by reducing carbon dioxide emissions, he said.

The chairperson added that in 2024, the company achieved 3.7m safe collective work hours without lost time incidents for the ninth consecutive year. This resulted from continuous efforts to promote a culture of occupational safety and health among employees, including numerous training courses and awareness seminars as part of sustainable development initiatives.

Tharwa Petroleum also prioritised implementing training programmes to develop human resources, considered the cornerstone for continuous improvement and sustainability, aligning with the ministry's digital transformation strategy HR management system was developed using SAP, Abdel Hamid stated.

The General Assembly was attended by Ehab Ragaey, First Undersecretary of the Ministry for Production; Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC) and his deputies; Yassin Mohamed, Chairperson of the Egyptian Natural Gas Holding Company (EGAS); Ashraf Bahaa, Chairperson of the Ganoub El Wadi Petroleum Holding Company (Ganope); Samir Raslan, Undersecretary of the Ministry for Exploration and Agreements; Moataz Atef, Undersecretary of the Ministry for the Minister's Office, Technical Office, and Official Spokesperson; Accountant Ashraf Qotb, Undersecretary of the Ministry for Financial and Economic Affairs; Ahmed Randy, Head of the Central Administration for Communications; and representatives from the Central Auditing Organisation.

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