Cairo – Mubasher: The chairman of Belayim Petroleum Company (Petrobel), Atef Hassan, on Monday said that the company invested $693 million in fiscal year 2016/2017.

Hassan noted, during the company’s annual general meeting (AGM) to approve the financial results for FY16/17, that 345,000 barrels of oil equivalent (BOEs) were produced, according to a statement by the Ministry of Petroleum.

He added that Petrobel achieved a 100% success rate as 33 wells were drilled, including 27 wells in Sinai, 5 wells in the Nile Delta, and a well in the Mediterranean sea.  

The firm’s new discoveries in Nidoko field, Baltim, and Sinai added reserves of about 868 billion cubic feet of gas, 5 million barrels of natural gas condensate, and 1.6 million barrels of crude oil, he highlighted.

He praised the firm’s ability in the field of crude oil development in the Gulf of Suez, as Petrobel’s oil production capacity reached about 77,500 barrels per day.

On 1 August, Petrobel’s chairman had previously said that EGP 8.3 billion ($465 million) were spent on the development of Zohr field until July 2017.