(MENAFN - Youm7) The energy company Petrobel announced plans to drill several new wells as part of two new projects in the Mediterranean, named Denis and Tuna.
Medhat Sayed, Petrobel's chairman predicted that production volume will reach 6.9 million cubic meters (245 million cubic feet) of gas per day from three wells, meaning yearly output will reach 14.1 million cubic meters (500 million cubic feet).
He said that the company's production of crude oil and natural gas amounted to 490,000 barrels per day (bpd) of oil equivalent, including 51 million cubic meters (1.8 billion cubic feet) per day of natural gas and 138,500 barrels per day of crude oil and condensates.
Sayed discussed successful drilling expeditions, including two oil wells drilled in the Nidoko area of the Nile Delta and four in the Gulf of Suez. These expeditions added 17 million barrels to the company reserves.
He added that the Nidoko and Temsah wells have produced up to 2.4 million cubic meters (87 million cubic feet) of gas per day and 3,500 bpd day of condensates, helping boost yearly production from 463,000 barrels to 490,000 barrels, a company total of 170 million barrels per year.