Petrobel extends drilling contract for Gulf of Suez

Belayim Petroleum Co. (Petrobel) has let a 1-year contract extension to Shelf Drilling Ltd. for the Trident 16 jack-up rig in direct continuation of its current term for operations in the Gulf of Suez offshore Egypt. The contract includes a further 1-year option period.

The Trident 16 has been working with Petrobel in Belayim fields since 2015. Following this extension, the expected availability of the rig is February 2024.

Belayim field is part of the larger Belayim marine and Belayim land oil project. Total proven field reserves are about 2.78 billion bbl.

Petrobel is a joint venture of wholly owned Eni SPA subsidiary IEOC Production BV and Egyptian General Petroleum Corp.