Belayim Petroleum Company (Petrobel) has concluded the drilling of two new developmental wells in fulfillment of the company’s 2011-2012 drilling plan.

The 112-143 well is an oil-producing well located in the Petrobel’s concession in the Sinai Peninsula. It was drilled to a depth of 8,120 feet via the ST-3 rig with investments totaling $2.290 million. Production of the new well has yet to be added to the company’s overall production rates.

The other developmental well, dubbed BL112-142, is located in the Belayim Land field concession in the Gulf of Suez. Sources revealed that the crude-producing well was drilled using the ST-1 rig, reaching the depth of 7,999 feet. Drilling investments in this well totaled $2.327 million.

Petrobel’s production rates slightly decreased in the month of February 2012, in comparison to the preceding month. Production rates stood at 3,893,835 barrels of crude oil and 8,999,906 cubic feet of natural gas in the former, as opposed to 4,186,036 barrels of crude oil and 9,808,969 cubic feet of natural gas in the latter.

Belayim Petroleum Company is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and the Italian veteran Eni.