Egypt-based Balaeim Petroleum Co- Petrobel has injected large investments of US$948 million in oil and gas exploration, development and operation field during fiscal year 2015-16.
Petrobel Chairperson Atef Hassan stated that US$426 million of the $948mn-executed investments were pumped into wells development works.
He asserted that the company always keen on boosting reserves amounts as well as public production of gas and oil.
The business results of Petrobel for financial year 2015-16 were good and positive, the official clarified.
He added that the efforts exerted by the company to rationalise spending succeeded in lowering the cost of producing a barrel of oil equivalent (BOE) by 3.5 percent than the planned value.
The current production of Petrobel of oil, natural gas, and condensates reached around 293,000 BOE per day including; 86,500 barrels of crude oil, more than one billion cubic feet of gas, 11,700 barrels of condensates, and 324 tonnes of butane.
Hassan clarified that this production volume achieved due to developing all company’s oil wells in addition to putting new ones on production.
During fiscal year 215-16, Petrobel has drilled 27 wells with total cost of around US$159 million in addition to conducting 251 maintenance works at wells with cost estimated at US$123 million, the head added. Accordingly, the company produced around 7.7 million barrels.
The chairman pointed out that exploration and development plans of Petrobel led to a hike in reserves volume. This increase is estimated at around 5.8 million barrels of crude oil, 835 billion cubic feet of gas, 6.5 million barrels of condensates, in addition to more than one million tonnes of butane.