Egypt-based Balaeim Petroleum Company (Petrobel) invested $948m in oil and gas exploration and operations during the fiscal year 2015/2016. Petrobel’s CEO, Atef Hassan, stated that an amount of $426m of the mentioned investments were used in the development of wells, leading to a hike in reserves of around 5.8m barrels of crude oil, 835bcf of gas, 6.5m barrels of condensates, in addition to more than 1m tons of butane, reported Amwal Al Gahd.
During 2015/2016 Petrobel lowered the cost of producing of a barrel of oil equivalent (BOE) by 3.5%, in addition to drilling 27 wells with a total cost of around $159m. The company conducted 251 maintenance works at wells with cost estimated at $123m, and produced a total of 7.7m barrels.
Petrobel’s current production capacity stands at 86,500b/d of crude oil, more than 1bcf/d of gas, 11,700b/d of condensates, and 324 tons of butane per day.