Belayim Petroleum Company (Petrobel) has committed $1.2 billion of its annual budget for the development of Zohr, said company chairman Atef Hassan, Egypt Oil & Gas reports.

The company has an ambitious plan to produce around 1 billion cubic feet (bcf) of natural gas and 1.8 million barrels of condensates, boosting the field’s production to 3 billion cubic feet per day (bcf/d) after all the phases are completed, Hassan noted.

Petrobel production reached 752,000 barrels per day (b/d) of condensates including 3.7 bcf/d of natural gas from all of its fields including Zohr, Hassan pointed out during the general assembly chaired by Minister of Petroleum, Tarek El Molla, to review the company’s budget.

The company successfully attracted investments to Zohr field as the actual budget of development reached $3.2 billion, increasing by 24% from the planned amount. The field’s production reached 2.1 bcf/d.

Petrobel added the fourth gas treatment unit in the onshore facility to the production map in July 2018, in addition to establishing a 30-inches-diameter offshore production line in August 2018 and finalizing the drilling of 10 wells and linking them to production.