he Belayim Petroleum Company today announced the discovery of a new crude oil well near the Egyptian Sinai Peninsula. The oil well will produce up to 2,270 barrels of crude oil per day, the company claims. Egyptian Minister of Petroleum and Mineral Resources Mohammad Abdullah Ghorab and President of Belayim Medhat el-Sayed today received the report. The new oil well, found using new technology, is located about 40 kilometers south of the city Aburdes. The oil well was discovered at a depth of 3,012 meters off the coast of Sinai in the Gulf of Suez. The new technology helped reduce the cost of obtaining the hydrocarbons. The reserve has appoximately 5.5 million barrels of crude oil, the report concludes. The discovery reveals the success of the new drilling strategy, which will help move from oil fields discovered over 55 years ago.
