Petrobel ups its investments to $1.1 billion in FY2015-16 budget

Egypt-based joint-venture company Belayim Petroleum – Petrobel is to increase its investments to US$1.1 billion, from US$750 million, as part of its budget for financial year 2015-2016.

Egyptian oil minister Tarek El Molla has headed a Petrobel’s general assembly on Thursday to endorse its 2015-2016 budget.

The increase in planned investments is as a result of adding new activities, including more explorations and developmental wells.

Atef Hassan – the chairman and managing director, said the general assembly had also ratified the investment plan for financial year 2016-2017. The new budget aims to continue focusing on exploration and developmental projects worth US$930 million in total investments, however the plan is may be modified in the next fiscal year after adding new activities.

The company is in the process of establishing a new company named Petro Shorouk tailored to develop and accelerate production in  the recently discovered Zohr gas field by the end of 2017.

Earlier in August, Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometers.

Petrobel is currently producing 112,000 barrels/day of Brent and condensate and 880.000 million cubic feet/day of natural gas.

In 1978, Belayim Petroleum Company Petrobel has been established in accordance with the investment law No. 16 of 1978. Petrobel is one of the state-run Egyptian General Petroleum Corporation companies jointly owned by Italian energy firm Eni. Petrobel main activities are exploration, and development of oil and gas fields and the production of oil, gas and condensates.