Petrobel to Invest $630m in 2017/2018

Petrobel to Invest $630m in 2017/2018

An official at Egypt’s Belayim Petroleum Company, otherwise know as Petrobel, stated to Egypt Oil&Gas that the company approved an allocated budget at $630m investments for fiscal year 2017/2018 and it is studying the addition of $214m to be invested in new discoveries and development of the existing fields as well as improving the infrastructure and facilitation.

Additionally, the company plans to develop several existing fields including South West Baltim. The development of South West Baltim will be processed through drilling and completing five wells and adding them to production as well as securing on-land and offshore facilitations. The company will also drill 20 new crude oil wells in Abu Redees, Sinai and will develop Al Batrico plant to process the produces crude oil. Petrobel will further conduct maintenance of wells in Abu Redees to increase production.

The source added that Petrobel authorized amendments on the general budget of fiscal year 2016/2017 at $834m that is being used in discoveries, drilling, and development activities in Delta Nile and Gulf of Suez which increased production by 30% to be 385,000b/d of condensates.

Sarah Samir 3053 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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