Belayim Petroleum Company (Petrobel) beat its fiscal year (FY) 2017/18 crude production targets, pumping 433,000 barrels of oil equivalent per day, Egypt Oil & Gas reports.

The figures were revealed by Petrobel head Atef Hassan during a meeting with oil minister Tarek El Molla to review the company’s performance in the previous financial year.

Hassan told the minister that the company produced around 1.9 billion cubic feet per day, 70,000 barrels of oil and 16,000 barrels of condensates, in addition to 314 tons of butane, in FY 2017/18.

Hassan also notified El Molla that Petrobel is in the process of finishing a project that will improve oil recovery rates by 5%.