Cairo: Belayim Petroleum Company (Petrobel) and Petroshrouk oil companies have announced plans to inject investments amounting to $1.029 billion during the fiscal year 2024-2025. This strategic move aims at boosting the output of the Zohr natural gas field, alongside fields located in the Nile Delta and Sinai governorates.

According to State Information Service Egypt, the announcement was made during the general assembly meetings of both companies. These meetings were convened to approve the outcomes of FY 2024-2025 and were attended by leadership from the Ministry of Petroleum and Mineral Resources, as well as officials from international partners, including Eni, BP, Rosneft, Ark Energy, and Mubadala.

During the meetings, Minister of Petroleum and Mineral Resources Karim Badawi highlighted the ongoing implementation of a production optimization program for the Zohr field, in collaboration with investment partners. He noted that the operation of the Zohr-6 well has contributed to adding approximately 65 million cubic feet of gas per day. The minister commended the investment partners and field workers for their dedication to increasing production, executing plans, and adhering to safety and environmental standards.

At the Petroshrouk assembly meeting, Chairman Khaled Mowafi reviewed key achievements and noted that new investments worth $569 million have been allocated throughout the year. In discussing Petrobel's performance, Mowafi stated that the company had invested over $460 million in production and exploration efforts.

Despite the challenges posed by aging fields, some of which are over 70 years old, Petrobel achieved crude oil production of approximately 56,000 barrels per day in the fields of the Nile Delta and Sinai governorates, Mowafi added.