Petrobel’s annual output ups 10%

CAIRO – 13 September 2017: State-owned Belayim Petroleum Company (Petrobel) achieved 10 percent in its crude and natural gas production in fiscal year (FY) 2016/17, a company source said.

Petrobel, which is a joint venture with Italy’s Eni, has produced around 384,200 barrels of equivalent oil, the source, who requested to remain anonymous, told Egypt Today.
The daily production of natural gas recorded 1.57 billion cubic feet of gas, with 214 million cubic feet of gas increase compared to Petrobel’s production last year.

Butane gas output hiked 32 percent in that period as the company produced 330 tons of butane per day, in addition to 14 percent increase in condensates’ production to 16,000 barrels.

Petrobel’s crude oil production recorded 80,000 barrels per day, 1,000 barrels less than expectations.

Chairman of Petrobel Atef Hassan said in previous statements that the company invested $693 million in the previous fiscal year, where it drilled 33 wells; 27 of them are in Sinai while the other five are in the Nile Delta and the Mediterranean.