Khaled Mowafi, Chairman of Belaim Petroleum Company (PETROBEL) announced that his company produced oil, natural gas, butane, and condensates of 93 million barrels of oil equivalent (mmboe) during the fiscal year (FY) 2022/23.

This came during the general assembly meeting of Petrobel headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla, to approve annual operational results for FY 2022/23.

He added that the total investments of the company in the field of exploration and development amounted to about $737 million. Petrobel drilled a number of wells including South Qaraa-1 which was put on stream in February 2023 with an average production rate 9 million cubic feet per day (mmcm/d) in addition to 100 barrels of condensates with total reserves estimated at 2 mmboe.

Mowafi noted that Petrobel succeeded in implementing a group of projects to preserve production rates of crude oil including the establishment of two offshore pipelines to connect the offshore production platforms to Petrico facilities in addition to another one which is under execution.