More oil in Gulf of Suez

Nov 25, 1996 01:00 AM

Petrobel/Belayim Petroleum, a joint venture between the Egyptian state and Agip, has found oil in a newly drilled well in the Belayim concession in the Gulf of Suez. The oil is at a depth of 3,480 metres (11,400 feet) in a layer 70 metres (230 feet) thick. The indications are that the well, known as 79/113, can produce 1,000 barrels of crude a day. The well will go into production immediately because it is close to existing production facilities.

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