Khaled Mowafy, Chairman of Belayim Petroleum Company (Petrobel), has announced plans for investments totaling $614 million for the fiscal year 2024/25. This announcement was made during the general assembly of Petrobel, presided over by Minister of Petroleum and Mineral Resources Tarek El Molla, where the planning budget for FY 2024/25 was approved. 

Mowafy highlighted Petrobel's aim to complete ongoing development projects initiated in FY 2023/24, with the goal of increasing production to 179,000 barrels of oil equivalent per day (boe/d), including 64,500 bbl/d of oil, 5,500 barrels of condensates per day, 557 million cubic feet of natural gas, and 185 tons of butane. 

Additionally, Petrobel plans to enhance well productivity through the application of various technologies and tools. Mowafy emphasized Petrobel's commitment to improving occupational health and safety management systems and environmental preservation, resulting in the successful attainment of two ISO certifications. He further outlined Petrobel's initiative to reduce carbon emissions, including measuring methane emissions and striving to become the first Egyptian company accredited by the Oil & Gas Methane Partnership 2.0 for sustainable development goals. This involves implementing emissions monitoring campaigns and developing strategies to reduce emissions across all company fields.