Belayim Petroleum Company (Petrobel) has exceeded its production target for gas by 30% during the current fiscal year, a source at Petrobel told Daily News Egypt.
The company’s output has grown to 1.6 billion cubic feet per day (bcf/d) of gas, approximately 31.4% of the domestic gas production, the source added.
In addition to its higher than anticipated production of natural gas, Petrobel has met its crude-oil production target of 75,000 barrels per day, MENAFN reports.
Petrobel is currently linking development wells to the national gas grid to offset the natural production decline of older wells, according to MENAFN.
The company’s CEO, Atef Hassan, recently stated that the Petrobel produces approximately 345,000 barrels of oil equivalent (boe) of gas and noted that it had drilled 27 wells in the Sinai, five wells in the Nile Delta, and one well in the Mediterranean.