Egypt Oil & Gas’s detailed report covering oil company Petrobel showed fluctuations in the company’s production rates of crude oil and natural gas during the past six months. Production of both resources rose and fell intermittently over the period from the third quarter of 2011 to the first quarter of 2012, as displayed in the graph.
Petrobel has recently completed the drilling of a new developmental well, labeled SETH W.DEEP-1, in its Mediterranean concession, as part of the company’s developmental plan for the current fiscal year 2011-2012.
The natural gas well, in which investments have reached $16.409 million, was drilled at a depth of 7,874 cubic feet using a SCARAPE-4 rig, and was subsequently plugged and abandoned.
Petrobel has also undertaken the drilling of the BM-83 water injection well in the company’s concession in the Gulf of Suez. The well was drilled at a depth of 10,673 feet via a KS.NED rig, and investments in the operation reached $10.858 million.
The company’s production rates were at 4,474,093 barrels of crude oil and 9,451,009 cubic feet of natural gas for the month of January 2011; In January 2012, production rates were at 4,186,036 barrels of crude oil and 9,808,969 cubic feet of natural gas monthly.
Petrobel has seen recent success in the completion of the “Denis” project, which produces 290 million cubic feet, double the figure initially targeted. The company is now looking to assemble a team from its projects, drilling, and storage divisions in order to carry out a deep water technology project.