Belayim Petroleum Company (Petrobel) Chairman Khaled Mowafy has stated that the company targets investments of $614 million during the fiscal year (FY) 2024/25.

He said that during the general assembly of the Petrobel chaired by the Minister of Petroleum and Mineral Resources Tarek El Molla to approve its planning budget for the FY 2024/25.

Mowafy noted that the company plans also to complete the development projects that started in FY 2023/24 to increase the production to 179,000 barrels of oil equivalent per day (boe/d) at a rate of 64,500 bbl/d, 5,500 barrels of condensates per day, 557 million cubic feet of natural gas and 185 tons of butane.

He added that Petrobel aims to implement an ambitious plan to improve the well’s productivity by using the various technologies and tools in this field.

In addition, Mowafy said that Petrobel continues its work on enhancing the management system of occupational health and safety and preserving the environment through applying all international and local standards, and the company was successfully awarded two ISO certifications in this field.

The chairman also pointed out that the company set a plan for carbon emissions reduction by executing a campaign for measuring methane emissions as a first step to being the first Egyptian company accredited by the Oil & Gas Methane Partnership 2.0 to achieve sustainable development goals. This is in addition to implementing an emissions monitoring campaign by trained work teams to determine the locations and quantities of these emissions and develop plans to reduce them in all of the company’s fields.