Petrobel brings new oil well into production in Egypt’s Sinai

Petrobel (previously Belayim Petroleum), a joint venture between the state-owned Egyptian General Petroleum Corporation (EGPC) and Italian oil major Eni (BIT:ENI) has brought the Balaim Offshore 133 well into production in the Sinai fields, with an output of 1,500 barrels per day (bpd), according to a statement from the Ministry of Petroleum, cited by Al Youm Al Sabea.

The development is part of Egypt's ongoing efforts to meet domestic demand and reduce its import bill.

According to the statement, the drilling rig Trident 16, currently stationed in the area, will move on to drill another well, Balaim Offshore 131, as part of the company's plan.

This marks the first success of Eni’s new investment programme in the Gulf of Suez, Sinai, and the Delta regions. The initiative follows an agreement with EGPC to inject new investments into these areas.

In previous statements, Egypt’s Minister of Petroleum, Karim Badawi, outlined the country's exploration and production strategy for the next five years. Egypt plans to drill 480 new wells by 2030, with investments estimated at $5.7bn.

The ministry aims to drill 102 new wells in 2026 across the Western Desert, the Mediterranean, and the Gulf of Suez. This is part of a broader programme designed to convert seismic survey results and initial discoveries into tangible production, helping to increase gas supplies and reduce import gaps in the coming years.

In 2025, government incentives led to the signing of 21 new agreements, reversing a long-term decline in production.

Petrobel is currently investing $460mn to modernise its ageing fields in Sinai and the Gulf of Suez while targeting a production goal of 144,000 barrels of oil equivalent per day.