Tharwa Petroleum Company has revealed that it drilled three new wells in Siwa in the Western Desert, in Egypt, of which they all achieved successful results and have been placed on production maps.

The company declared this during its General Assembly meeting to review its production in 2015 in the presence of Tarek El-Molla, Egypt’s Minister of Petroleum and Mineral Resources.

According to the Chairman of Tharwa Petroleum Company, Adel Said, the three wells were producing 9,000 bpd of crude oil and the overall production of Esh El Mallaha extensions Concession in the Eastern Desert has increased to 568,000 BO.

Established in 2004, Tharwa Petroleum is the first investment Egyptian company which focuses on the exploration and production of oil and natural gas, with the contribution of the oil sector and a number of ministries in the country, Egypt Oil and Gas reports.

Shareholders in the company includes Egyptian General Petroleum Corporation (EGPC) with 20% interest, Egyptian National Gas Holding Company (EGAS) with 20%, Ganope El-Wadi Petroleum Holding Company with 5 %, Petroleum Marine Service Company with 5%, Housing & Social Service Funds for workers in Petroleum Sector with 5 %, the Ministry of Finance with 10%, National Investment Bank with 10%, Social Enhancement Funds of police members institute with 5%, Social Insurance Funds of police officers with 5%, Social Insurance Funds of Governmental Sector workers with 5%, Social Insurance Funds of public and private sectors workers with 5% and the National Authority for Military Production with 5% interest.

Anita Fatunji