Balayim Petroleum Company (Petrobel) is heading further with its 2011/2012 plan by the drilling of two development wells and another exploratory one, in Sinai and the Mediterranean areas respectively.
The two development wells 112-141 H and 112-140 H were drilled to total depths of 9243 feet and 10427 feet respectively in the area of Sinai.
The drilling cost of the 112-141 H well totaled $2.504 million, while the 112-140 H drilling cost counted for $3.299 million.
Moreover, the company finished the drilling of Salmon-1 exploratory well in the Mediterranean area, with $18.174 total cost. The oil producing well was drilled by the Scarabe-4 rig to a total depth of 5335 feet.
Petrobel is jointly owned by the Egyptian General Petroleum Corporation (EGPC) and Italian Eni,
In last September, the total production rate of Petrobel stood at 4.148 million barrels of oil.