Petrobel’s Chairman, Khaled Mowafi, reviewed the amended budget items for the current fiscal year. He points out that the investments amounted to $842 million to intensify research, exploration and development operations after re-evaluating the already producing areas, as it is planned to drill the exploration well, Al Qar’a South-1, and drill 4 additional wells in the areas of Belayim and Baltim, southwest, in order to maintain and increase production rates.

Mowafi also discussed projects to measure flare gases and raise the efficiency of the water treatment plants associated with the fields, adding that the company has drilled eight onshore and offshore wells in the Abu Rudeis area.

Regarding the 2022/23 budget, Mowafi indicated that the investments amount to $807 million, with a focus on exploration operations to find additional reserves and complete the company’s plan to maintain assets and reduce operating costs. He asserted that this should occur while increasing production, as it is targeted to reach production rates of about 248,000 barrels of oil equivalent per day (boe/d) by drilling 15 development wells.