Tanmia Petroleum Company – Overview:
Tanmia Petroleum Company is a young Oil & Gas Fields Development Company, Fully owned by the Government of Egypt. Under the Investment Law with liberated Bylaws, the core business of the company is to develop the old fields upon the expiry of their concession agreements between Egyptian General Petroleum Corporation and the International Oil Companies. The main objective is Replacing the IOC's in those fields and acting on behalf of EGPC to operate the fields and ensure maintaining the production level or even increase it. One of the primary objectives is to develop the Brown fields applying tertiary recovery techniques. Tanmia provides integrated geological, geophysical, operational (Drilling, Work-Over, Production, ...etc. ) and Reservoir Management; TURN KEY solutions. As a bread and butter business, Tanmia provides Early Production facility services and equipment to several Production Companies in Egypt utilizing partially its own equipment and personnel and/ or by utilizing the equipment and the personnel of its allies. Tanmia owns a 1500 HP rig that is on Revenue-Sharing Long term deal with one of the Drilling Contractor in Egypt, operating it successfully (operationally and Financially) for more than two years. Beside the core business, Tanmia provides technical consultation to the Egyptian Oil sector utilizing a substantial list of very well experienced / skilled Manpower on a project, temporary or permanent basis.
Tanmia is planning to capitalize on its management and personnel large expertise on the business environment in Egypt and by bringing together a highly experienced team and a deep commitment to customer care services; Tanmia is aiming at delivering the Oil & Gas sector in Egypt including the private, International, Joint Ventures and the Governmental companies superior field development support and act as an operational arm to the Government of Egypt (namely Ministry of Petroleum) to operate the old fields (producing and/or Brown). The Company aims at creating high quality, innovative and safe solutions by applying advanced technologies, strict quality management, top of the range equipment and services and superior technical capabilities. Tanmia, being fully owned by the government of Egypt, has a well established relationship with the key decision makers in Egypt with affiliations, alliances and win/win cooperation agreements with major equipment suppliers and service providers.
Growth Strategy / Investment Opportunity / Cooperation Proposal:
Tanmia is seeking a debt investment partner in order to launch several planned projects that are outlined here-below with. Tanmia is going through a major step progress in its service offerings. Tanmia is looking for a strategic Investor / Debt partner to start-up the following projects:
- Producing Fields Development: Two Fields have been recognized as a potential opportunity to be secured and to operate (develop) under a Service agreement.
- Explored and Discovered Fields Development. Tanmia has participated (within a consortium with GPC and Tharwa Petroleum) in a bid round (local companies only) to develop Sea Bird Field.
- Brown Fields Development: Tanmia is studying many Brown Fields in Egypt with some of the Egyptian companies.
- Early Production Facility Services Providing: Tanmia, being a well recognized EPF service provider where most of its fleet are via its allies; would like to acquire several Units / facilities (on stages) to start building its fleet. The service demand is very high in Egypt (currently, nearly 80 units operating in Egypt).
- Drilling & Work-over Rigs fleet: Tanmia, currently, owns a 1500 HP rig that is run by one of the good Drilling contractors in Egypt on a Revenue-Sharing concept. The demand is quiet clearly increasing in Egypt and the financial study reveals the attractiveness of increasing the fleet by four more rigs (2000, 1500, 750 and 650 HP rigs or a mix of same). The current plan is to add as many rigs and put them on a Revenue-sharing agreements to generate cash and build reputation, resources,…etc. At a later stage, potentially opens a Rig Operation branch or subsidiary.