Egyptian oil prospecting company launched

Minister of Petroleum, Sameh Fahmi, said that the set up of an Egyptian entity in the domain of oil and natural gas exploration and exploitation marked a significant step for presence on the international oil market.

Speaking during the first General Assembly of the Tharwa Oil Prospecting Company, Fahmi said that the J.S company works under the free zone regulations.

The Assembly was attended by Minister of Finance, Medhat Hassanien.

Fahmi underlined that the Egyptian oil prospecting company is the first of its kind to explore for oil inside Egypt and abroad at a capital hitting $ 400 million.