Petrobel, the joint venture (JV) between Eni and the Egyptian General Petroleum Corporation (EGPC), has started production from the Belayim Offshore 133 well in the Gulf of Suez at an initial rate of 1,500 barrels of crude oil per day (bbl/d), with further potential to optimize output in the near term, according to the Ministry of Petroleum and Mineral Resources (MoPMR).

This marked the first drilling activity under the Italian company’s new investment program in the Gulf of Suez, Sinai, and Delta regions, pursuant to the agreement signed with EGPC in mid-November to inject new investments into these areas.

The Trident 16 rig, which was responsible for the drilling operations that began in December, is now set to drill a new well, Belayim Offshore 131, as part of the plan, the ministry announced on February 24.

Notably, Eni has been operating the Belayim oil field since 1954, underscoring a long-standing partnership with Egypt. The company has committed to investing $8 billion over the next five years to develop existing fields and expand exploration.