20 crude oil wells to be drilled in South Sinai

The head of Belayim Petroleum Company (Petrobel) said the company seeks to drill 20 new crude oil wells in Abu Radis area in South Sinai.

Engineer Atef Hassan said the company will continue development works of Baltim-1X well in its Baltim South West Concession, according to a statement by the Petroleum Ministry following the company’s general assembly meeting under Petroleum Minister Tarek el Molla.

The Baltim-1X has drilled on 3500 meters depth with 56 meters Awasm stratum and 15 meters Abu Mady stratum. Tests were performed on the well’s strata using the drilling rig KS-MIDSTAR-1 which showed that the well has crude oil and gas in it.

In the statement, the minister attributed the growing turnout of global companies on pumping investments in Egypt’s oil and natural gas sectors to the development of the petroleum industry in Egypt, political and economic stability and partnerships with major petroleum companies.

The Petrobel official, on his part, said the company seeks to increase average daily production to 358,000 barrels.

He also unveiled ongoing exploration works at many of Egypt’s promising sites, including those in the Gulf of Suez. (MENA)