Belayim Petroleum Company (Petrobel) and Petroshrouk oil companies on Tuesday announced plans to inject investments amounting to 1.029 billion dollars during fiscal year 2024-2025, with a view to boosting the output of Zohr natural gas field, as well as fields in the Nile Delta and Sinai governorates.

The announcement was made during the general assembly meetings of both companies to approve the outcomes of FY 2024-2025, in the presence of leaderships from the Ministry of Petroleum and Mineral Resources and officials of international partners, including Eni, BP, Rosneft, Ark Energy, and Mubadala.

During the meetings, Minister of Petroleum and Mineral Resources Karim Badawi emphasized the ongoing implementation of the production optimization program for the Zohr field, in cooperation with investment partners.

He noted that operating Zohr-6 wel contributed to adding approximately 65 million cubic feet of gas per day.

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The minister praised the efforts of the investment partners and field workers for their commitment to increasing production, executing plans and adhering to safety and environmental standards.

During Petroshrouk assembly meeting, Chairman Khaled Mowafi reviewed key achievements, noting that the new investments worth 569 million dollars have been pumped throughout the year.

While reviewing Petrobel company performance, Mowafi said that the company had invested over 460 million dollars in production and exploration.

In the fields of the Nile Delta and Sinai governorates, Petrobel achieved crude oil production of approximately 56,000 bpd, despite the challenges posed by aging fields, some of which are over 70 years old, Mowafi added.