Petroleum Minister Directs Tharwa Petroleum To Adopt Ambitious Strategy To Maximize Exploration, Production

Minister of Petroleum and Mineral Resources Karim Badawi emphasized the need for Tharwa Petroleum Company to adopt an ambitious business strategy aimed at maximizing its role as a leading Egyptian company in oil and gas exploration and production activities, in line with the state’s plans to increase production rates and secure energy needs.

He explained, during the company’s general assembly, that the vision for the coming phase is based on two main pillars: first, expanding operations in new concession areas as a main operator; and second, strengthening strategic partnerships with major international companies to enhance opportunities in high-economic-value fields and areas.

As part of the implementation plans, Tharwa Petroleum announced the completion of all necessary studies for drilling the “Noor Southwest-1” well in the Noor Offshore area in North Sinai in the Mediterranean Sea, with drilling scheduled to begin in the first half of 2026.

The company also submitted a development proposal for the “Noor-1” discovery in the Noor Offshore area to the Egyptian Natural Gas Holding Company (EGAS).

Meanwhile, Saeed Abdel Moneim, Chairman of the company, reviewed the 2025 performance results, noting that the company successfully drilled four new wells in the Western Desert.

These wells primarily aimed to offset the natural decline in production; however, the results exceeded expectations, achieving a 15% increase compared to the previous year.

Average daily production exceeded 5,000 barrels, with total annual crude oil production reaching about 1.9 million barrels, in addition to adding petroleum reserves and total sales exceeding half a million barrels of crude oil.

He also noted that the company conducted a comprehensive study of 12 new areas within Egypt, resulting in the submission of two technical and financial bids: the first to the General Petroleum Company for the North West October area, and the second to EGAS for the North Mansoura area, while also engaging with several international companies to explore participation in other areas.

He added that agreement has been reached with partners to drill Nargis-2 appraisal well in the Nargis Offshore Area of Egypt's Mediterranean waters, as well as the exploratory well “Velox-1x” in the North Cleopatra area during the same year.

In the field of quality, safety, occupational health, and environmental protection, the company continued in 2025 to intensify efforts to improve performance according to the highest international standards, achieving a milestone of more than 4 million accumulated safe work hours.