(AFP Photo)
The Tanmeyah Company is aiming to achieve profits about EGP 30m by the end of this year compared to EGP 11m profits last year, according to company chairman Tarek Al-Borqatawi.
These profits would be realised through an expansion in professional services contracts for oil companies and the establishment of temporary production facilities for gas. The company is working to expand its areas of work, and is seeking to negotiate with the Petroleum Authority to develop oil or gas fields that are no longer under agreement with the partner.
Tanmeyah is currently negotiating with a number of oil companies operating in Egypt to conduct technical services on preferred sites and contracts will be signed soon, said Al-Borqatawi.
He explained that the Petroleum Development Services Corporation was founded in the era of Sameh Fahmy, former Petroleum Minister, with the goal of developing oil fields for which agreements had ended, as most agreements were on the verge of expiring at the time.
The organization was not intended to become a services company, but has so far failed to achieve its intended objectives.
The company will be buying new equipment in the coming period, which will allow it to expand the variety of services it provides to companies in the oil sector within Egypt, he added.
The company has played an important role in the petroleum industry within Egypt. It was the first company that was established to use oil and gas fields that are no longer under agreement with private partners. Tanmeyah redevelops these fields and ensures they will maintain a normal volume of production, before the fields are returned to the state, according to Al-Borqatawi.
He pointed out that there are about 15 agreements on gas and oil fields in Egypt which will expire over the next two years, and that his company is seeking to seize the rights to develop these fields. Foreign expertise will be used in order to work at the highest levels of efficiency, he added.
The company is also looking to expand its operations outside of Egypt through the development of fields in neighbouring countries such as Syria, Libya and North and South Sudan as soon as political conditions calm down, as it is with a peaceful political atmosphere that great opportunities can be found, said Al-Borqatawi.
