Belayim Petroleum Company (Petrobel) witnessed a steady production rate over the last quarter of 2011. The company concluded the year with the drilling of two wells, one exploratory and one development.

The first exploratory well, 113-178, was drilled to a total depth of 8440 feet, through the ST-12 rig in the company’s Belayim Concession area, located onshore the Gulf of Suez.

The second well, South East Belayim 1 was drilled to of 9882 feet depth, through the ST-1 rig in the same concession. This latter well has been placed on production line and generates 2450 barrels of oil per day (bopd).

The drilling cost of the 113-178 well averaged $2.25 million, while the cost of the second well counted for $3.83 million.

According to latest reports, another three development wells have been put on production line, two wells (75-A-113 and 141-112) are located in Sinai and another (Belayim South 1) located onshore the Gulf of Suez. The first two development wells have a combined oil production of 850 barrels per day, while the third has an 80-barrel daily production.

Petrobel, the 50-50 joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italian Eni, had a total oil production of 4107517 barrels and total gas production of 9512806 cubic feet, during last November 2011.