Belayim Petroleum Company (Petrobel) plans to boost average production to reach 358,000 barrels of equivalent per day (boe/d) during fiscal year (FY) 2018/2019, according to Head of Petrobel, Atef Hassan, Egypt Oil & Gas reports.

“The company targets drilling two exploratory wells in the Nile Delta and the Gulf of Suez, and continuing exploration work at its promising concessions,” Hassan stated during the company’s general assembly chaired by Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the budget plan.

Additionally, the new FY will witness the completion of drilling work at five wells in South-West Baltim natural gas field, in which development operations have started in FY 2017/2018, and adding the new wells to production.

Petrobel further eyes drilling 20 oil wells at the Abu Redees concession, located South Sinai, in addition to maintaining wells and increasing the efficiencies of facilities in production area. Furthermore, the company plans to conduct seismic surveys and feasibility studies to discover new promising areas, Atef pointed out.

Atef reviewed the positive results in Nooros natural gas field, boosting Nidoco production to around 1.2 billion cubic feet per day (bcf/d) upon adding two new wells to production, in addition to a new well that is currently being drilled.

“Pumping new investments in the fields of exploration and production (E&P), as well as fields’ development, is considered the cornerstone for securing energy for the local market,” El Molla said.