(Ecofin Agency) - Balaeim Petroleum Co. (Petrobel) has announced that it invested $948 million in oil and gas exploration, development and operations in Egypt during the 2015/16 financial year.

According to Petrobel Chairperson, Atef Hassan, $426 million out of the $948 million-executed investments were injected into wells development works.

He added that the company is always eager to increase oil and gas reserves amounts and also public production and the hard work exercised in rationalizing expenses helped in reducing the cost of producing a barrel of oil equivalent by 3.5% than the intended value.

Petrobel’s oil, natural gas and condensates production reached around 293,000 boe per day. This includes 86,500 barrels of crude oil, over one billion cubic feet of gas, 11,700 barrels of condensates, and 324 tonnes of butane.

The production volume was achieved as a result of the company's development of all oil wells and putting new ones on production.

During 2015/16, Petrobel drilled 27 wells costing around $159 million and also performed 251 maintenance works at wells with cost estimated at $123 million. As a result, the company produced around 7.7 million barrels.

Exploration and development plans by Petrobel resulted in an increase in reserves volume. This hike is estimated at approximately 5.8 million barrels of crude oil, 835 billion cubic feet of gas and 6.5 million barrels of condensates, along with over one million tonnes of butane, Amwalalghad news reports.

Anita Fatunji