Latest news with #Petrobel
Zawya
23-05-2025
- Business
- Zawya
Egypt: EGPC, Ieoc Exploration's daily production of petroleum liquids surpasses 110,000 barrels
Arab Finance: The Egyptian General Petroleum Corporation (EGPC) and Ieoc Exploration BV, an Eni affiliated company, announced a total daily production exceeding 110,000 barrels of petroleum liquids through their joint ventures, Belayim Petroleum Company (Petrobel) and Agiba Petroleum Company, as per a statement. Production from the Sinai concession area surpassed 60,000 barrels of oil daily, a level not reached since 2023. This milestone was mainly attributed to the successful startup of the West Ferran-2 well, with a potential daily output of nearly 4,000 barrels of oil. This is besides the positive results from recent onshore and offshore maintenance campaigns. Agiba Petroleum's concession areas in the Western Desert also contributed, with a daily production exceeding 30,000 barrels of oil. The recorded growth is backed by the startup of new wells such as Mel-123 and SMel-C4, along with successful maintenance operations and non-rig interventions at wells MWD-8 and Zahra-7. This contributed with an additional daily capacity of 4,000 barrels of oil, and associated gas production exceeding 5 million cubic feet on a daily basis. Meanwhile, Ieoc Exploration BV added around 20,000 barrels of liquids per day, bringing its total production to over 110,000 barrels of liquids daily. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
See - Sada Elbalad
14-05-2025
- Business
- See - Sada Elbalad
Ministry of Petroleum Announces Three New Oil and Gas Discoveries in Western Desert & Gulf of Suez
Yara Sameh As part of the Ministry of Petroleum and Mineral Resources' efforts to boost production and encourage operating companies to expand exploration drilling, reflecting the promising potential of Egypt's energy sector, companies Khalda, Petrobel, and GUPCO have made three new oil and gas discoveries in their concession areas in the Western Desert and the Gulf of Suez. On May 11, Khalda Company successfully made a discovery at South NUT-1 in the Western Desert. Electrical logging confirmed gas indications in the Shifa sandstone layer within the Paleozoic formation, with a net thickness of 253 feet. The expected reserves prior to drilling were estimated at around 12.5 million barrels of oil equivalent (62.7 billion cubic feet of gas and 1.15 million barrels of condensates). Pressure measurements are underway, and the well will soon be tested and evaluated. Additionally, a development plan is nearing completion, including the construction of a 10-inch, 23-kilometer production pipeline at an investment of approximately USD 10 million. The plan also involves drilling several exploratory wells to boost the company's natural gas output. The well is expected to produce 30 million cubic feet of gas per day. Petrobel made a new discovery on May 8 by testing and evaluating the appraisal well West Feiran-2 in the Gulf of Suez. Perforating 27 meters in the Asl sandstone resulted in a production rate of 2,660 barrels of oil per day, and the added reserves from the well are currently being assessed. GUPCO also made a discovery on May 1 through testing and evaluating the exploratory well GS327-A15, perforating 38 feet in the Kareem sandstone, with a production of 720 barrels of oil per day. The added reserves from the well are also under evaluation. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Daily News Egypt
26-02-2025
- Business
- Daily News Egypt
Egypt's Petroleum Minister announces Zohr field development resumption
Karim Badr, Egypt's Minister of Petroleum and Mineral Resources, has announced the resumption of development activities at the Zohr gas field following the arrival of the Saipem 10000 drillship in Egyptian waters at the end of January. After completing essential preparations, drilling of the first well in the new phase of the field's development project began in mid-February, in collaboration with Eni, Arcius, and Mubadala Rosneft. The initiative aims to enhance natural gas production rates and counteract the natural decline in well output. The announcement was made during the general assembly meeting of Petro Shorouk and Petrobel, where the planning budget for the fiscal year 2025/2026 was approved. Minister Badr expressed satisfaction with the continued developmental drilling activities at Zohr field, emphasizing the strong teamwork involved in restoring and increasing production levels. He underscored the project's significance for Egypt and its partners, highlighting the need for a structured action plan to optimize production and address natural declines in well productivity. Francesco Gaspardi, Director of Eni in Egypt, affirmed the company's commitment to supporting medium- and short-term efforts, identifying high-potential opportunities, and implementing plans to mitigate natural well declines. He expressed optimism regarding the success of upcoming drilling operations. Salma Al-Hajri, Regional Vice President of UAE-based Mubadala Energy, extended her congratulations on the success of the EGYPS 2025 conference, a key event uniting industry stakeholders. She expressed enthusiasm about the resumption of drilling at Zohr field and optimism for positive outcomes benefiting all involved parties. Nasser Saif Al-Yafie, CEO of Arcius Energy, highlighted the critical importance of resuming drilling activities and intensifying operations due to their strategic significance for both Egypt and its partners. He noted the positive indicators for successful drilling and production maintenance and outlined future plans for increasing output. He also commended Petrobel for its operational efficiency and safety measures. Alexander Kozyrev, Head of Exploration and Production at Russian Rosneft, praised the collaborative efforts of all partners in restarting drilling operations at Zohr field and expressed anticipation for increased production in the near future. Khaled Mowafy, Chairperson of Petrobel, detailed the drilling progress, explaining that following the Saipem 10000 drillship's arrival in late January and completion of preparatory work, the ship moved to Zohr field on February 15. The drilling phase involves redirecting three wells—Zohr 13, Zohr 6, and Zohr 9—using coiled tubing technology in deep waters for the first time worldwide. Mowafy also highlighted the achievement of five and a half million safe working hours. During the Petrobel assembly, Minister Badr stressed the urgency of accelerating the development of discovered resources and integrating them into Egypt's production strategy. He emphasized the necessity of deploying additional drilling rigs to intensify operations and leveraging artificial intelligence to identify reservoirs before initiating drilling. Badr reaffirmed Eni's role as a strategic partner in Egypt's petroleum sector, highlighting its track record of successful collaborations. He noted that Eni CEO Claudio Descalzi's participation in the EGYPS 2025 conference, along with his meeting with President Abdel Fattah Al-Sisi, underscored the strength of the partnership and signaled new investment and growth opportunities in Egypt's energy sector. Francesco Gaspardi emphasized the promising potential within Petrobel's concession areas, particularly in Abu Madi. He outlined Eni's intensified activities aimed at stabilizing and increasing production through the operation of six drilling rigs and an expansion of onshore drilling operations. He also stressed the importance of advanced reservoir studies in achieving targeted production goals and ensuring sustainable output. Wael Shaheen, Regional Vice President of BP in Egypt, lauded Petrobel's commitment to safety, energy efficiency, and emissions reduction, as well as the company's ongoing efforts to lower production costs. Khaled Mowafy disclosed that $320 million has been allocated for operational activities, including $122m dedicated to well maintenance to sustain production levels. A portion of the budget will also support the necessary upkeep of production platforms across all company sites. Looking ahead, Petrobel aims to achieve a daily production rate of 144,000 barrels of oil equivalent and 434 million cubic feet of gas in the 2025/2026 fiscal year. This ambitious target requires collective efforts and an intensified focus on expanding operational activities. The company also plans to produce 58,000 barrels of crude oil, 4,730 barrels per day of condensates, and 130 tonnes per day of LPG while striving to maintain cost efficiency at optimal levels.
Zawya
25-02-2025
- Business
- Zawya
Egypt: Zohr gas field development underway as Saipem 10000 begins drilling
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi announced the resumption of development work at the Zohr gas field following the arrival of the Saipem 10000 drilling ship in Egyptian waters at the end of January, as per a statement. Necessary preparations have been completed, and drilling began in mid-February on the first well of the new phase, in collaboration with Eni, Arcius Energy, Mubadala, and Rosneft to increase natural gas production and counter the natural decline in output. The announcement came during the general assembly meeting of PetroShorouk and Petrobel to approve the planning budget for the fiscal year (FY) 2025/2026. Badawi emphasized the importance of restoring and increasing production levels, urging a clear action plan with specific targets. He also highlighted the role of the Zohr School of Applied Technology in Port Said as an example of industry-community partnership. Petrobel Chairman Khaled Mowafi outlined the company's financial plan, with $320 million allocated for operations, including $122 million for well maintenance to sustain production. Part of the budget is also designated for maintaining production platforms across all company sites. The company aims to achieve daily production of 144,000 barrels of oil equivalent and 434 million cubic feet of gas in FY 2025/2026. The crude oil target is 58,000 barrels per day, alongside 4,730 barrels per day of condensates and 130 tons per day of butane, while maintaining cost efficiency. He also noted that Petrobel has achieved 5.5 million safe working hours during operations. Mowafi confirmed the drilling of three wells, Zohr 13, Zohr 6, and Zohr 9, using coiled tubing technology in deep water for the first time globally. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
