Egypt’s Belayim Petroleum Company (Petrobel) has revised upward its investment plan for fiscal year 2025/26 to approximately $460 million, as the company accelerates drilling, exploration, and facility upgrades across its portfolio. The announcement was made by Petrobel Chairman Tharwat El Gendy at the company’s general assembly, which also approved the investment roadmap for the upcoming fiscal year 2026/27.
The revised FY 2025/26 budget is earmarked for completing development works including the drilling of five development wells in the Sinai fields, the East Denis-1X exploratory well in the Temsah concession area, and the Nidoco North-2 well in the Nile Delta. Several projects to improve the efficiency of existing facilities are also covered. During the first half of the current fiscal year, Petrobel maintained strong production of 178,600 barrels of oil equivalent per day (boe/d). The company also resumed developmental drilling with the BM-133 well in the Gulf of Suez, achieving 1,500 barrels per day of crude oil and 0.5 mmcf/d of associated gas.
Looking ahead, the proposed investment plan for FY 2026/27 reaches $764 million and targets a production rate of 183,000 boe/d. The plan includes drilling the North Feiran 1XV exploratory well, ten development wells, and broad facility upgrades. The company also intends to deploy hydraulic fracturing, real-time monitoring programs, proactive maintenance, and artificial intelligence applications to maximize production capacity and reduce the cost per barrel.
Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi attended the assembly and underscored the strategic importance of the Zohr field — the Mediterranean’s largest gas discovery, operated by Petrobel — calling for the application of advanced 4D seismic survey technology to maximize the concession area’s potential. The Zohr field is a collaborative venture between Eni, Rosneft, BP, and Mubadala Energy.
Source: egyptoil-gas.com