Belayim Petroleum Company (Petrobel) Chairman Khalid Mowafi announced that his company targets investments in its budget plans for fiscal years (FY) 2022/23 and 2023/24 worth more than $800 million per year.

His words were said during his speech at the general assembly meetings for Petrobel and Petrshrouk chaired by the Minister of Petroleum and Mineral Resources Tarek El Molla to approve their budget plans for the coming FY 2023/24.

Mowafi elaborate that these investments include developing the existing fields in addition to increasing the exploration activities at its concession areas in Abu Rodes and Port Fouad. 

Additionally, the Chairman presented the planning budget of Petroshrouk for FY 2023/24 in which it targets pumping investments worth $1.2 billion.

Mowafi said the planned projects include intensifying the developments of Zohr field by drilling new wells and repairing and recompleting some of wells. He noted that projects will be held to raise the efficiency of the facilities at the onshore production unit and the company will increase the exploration and production (E&P) activities. 

The chairman also presented the modified budget plan for the current FY which involves the continuous development for the southern region of Zohr field. Moreover, the company implemented many developmental projects to serve the community in Port Said including Zohr School for applicable technology and healthcare project as part of the petroleum sector’s strategy of the social responsibility. 

For his part, Molla praised successful performance of Zohr project which encourages to build on it and invest all the opportunities at the concession area of the field. Also, the Minister stated that the priority is to increase the production in parallel with cost reduction, maximize the resources and raise the consumption efficiency of energy.