Tharwa Petroleum Company has recorded a rise in proven reserves amounting to 3.5 million barrels (mmbbl) in the West Kalabsha area, located in Egypt’s southern desert, opening new horizons for development operations to boost production rates, stated Mahmoud Abdel Hamid Mahmoud, Board Chairman and Managing Director of the company, while reviewing the company’s key achievements in fiscal year (FY) 2024 in its general assembly meeting.
The increase was driven by rationalized operating expenditures, including the replacement of rented production facilities with permanent infrastructure and the implementation of enhanced energy efficiency strategies, Mahmoud said.
These measures have optimized electricity utilization and reduced dependency on diesel by leveraging associated gas (natural gas that is found mixed with crude oil in oil reservoirs) as an alternative fuel, leading to saving costs and reducing carbon dioxide emissions, he added.
As he chaired the meeting, Minister of Petroleum and Mineral Resources Karim Badawi commended Tharwa’s efforts in exploration, production, and petroleum services. He emphasized the need to capitalize on its expertise and technical capabilities to identify new investment opportunities both within Egypt and abroad. He also stressed the strategic role of the Egypt Upstream Gateway (EUG) in advancing research and exploration activities.
Badawi added that the Ministry remains committed to supporting Tharwa Petroleum Company in expanding its operations and reinforcing its competitiveness locally and internationally as a 100% Egyptian joint-stock company.
Tharwa Petroleum recorded 3.7 million safe working hours in 2024 without lost time for the ninth consecutive year as a result of its ongoing efforts to promote a culture of occupational safety and health among employees. It offered numerous training courses to qualify and train employees, and held multiple awareness seminars within the framework of sustainable development.
The company has also focused greatly on training programs that develop human resource skills through System Applications and Products (SAP) in data processing, a system for human resources management, in line with the Ministry’s strategy toward digital transformation.
