Petrobel to invest $630 million in FY 2017-18

PetrobelMinster of Petroleum Eng. Tarek El Molla, chaired the General Assembly for Belayim Petroleum Company (Petrobel) to review the companies’ budgets for fiscal year 2017/2018. The general assemblies were held in the attendance of First Undersecretaries of the Ministry of Petroleum, CEOs of the Egyptian Natural Gas Holding Company (EGAS), and Executive President of the Egyptian General Petroleum Corporation (EGPC) , BP’s Regional Manager, Hesham Mekawy and Eng. Adriano Mongini, IEOC’s President.

During the general assembly, Eng. Atef Hassan, Petrobel’s Chairman stated 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. 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 Rudeis, Sinai and will develop Al Batrico plant to process the produces crude oil. Petrobel will further conduct maintenance of wells in Abu Rudeis to increase production.

Eng. Atef Hassan, Petrobel’s Chairman 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 the Nile Delta and Gulf of Suez which increased production by 30% to be 385,000b/d of condensates.

(Source: Ministry of Petroleum)

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