Belayim Petroleum Company’s (Petrobel) investment plan for the fiscal year (FY) 2025/26 has been increased to approximately $460 million, Tharwat El Gendy, Petrobel’s Chairman, announced in the company’s general assembly to approve the revised investment plan for the current fiscal year and the investment plan for the FY 2026/27.
The funding is earmarked to complete development works, including the drilling of five development wells in the Sinai fields, the “East Denis-1X” exploratory well in the Temsah concession area, and the “Nidoco North-2” well in the Nile Delta. Additionally, the budget covers several projects aimed at improving the efficiency of existing facilities.
During the first half of FY 2025/26, the company managed to maintain strong production rates of 178,600 barrels of oil equivalent per day (boe/d), overcoming the challenges of natural field decline. The company also resumed developmental drilling activities with the “BM-133” well in the Gulf of Suez, which achieved a production rate of 1,500 barrels per day (bbl/d) of crude oil and half a million cubic feet per day (0.5 mmcf/d) of associated gas.
The proposed investment plan for the upcoming FY has reached $764 million to complete development projects and boost production capacities. This plan includes drilling the “North Feiran 1XV” exploratory well and ten development wells, alongside executing projects to improve facility efficiency and implementing maintenance programs to ensure the readiness of production platforms.
The production plan for FY 2026/27 targets a rate of 183,000 boe/d. This will be achieved through a strategy focused on intensifying exploration and drilling activities and enhancing well productivity using hydraulic fracturing and various other solutions. Furthermore, the company aims to apply real-time monitoring programs, proactive maintenance, and Artificial Intelligence (AI) applications to maximize production capacity and reduce the cost per barrel.
The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, and leaders of the petroleum sector and representatives of investment partners from both companies.
During the meeting, Badawi emphasized the strategic importance of the Zohr field, which is operated by Petrobel, as one of the primary pillars of Egypt’s domestic natural gas production. He noted the significance of collaborating with partners to maximize the potential of the field’s concession area, calling for the application of advanced 4D seismic survey technologies.
The Zohr Field, the Mediterranean’s largest gas discovery, is a collaborative project between Eni, Rosneft, BP, and Mubadala Energy. It is operated by Petrobel, the joint venture between Eni and the Egyptian General Petroleum Corporation (EGPC).
