In the early beginning, El-Ahlia Petroleum Company was formed in 1953. In 1955 Belayim the first land field was discovered. In 1961 Belayim marine field was discovered. Balayim was the first marine field in Egypt. In 1978 Belayim Petroleum Company PETROBEL has been established in accordance with the investment law No. 16 of 1978. PETROBEL is one of the Egyptian General Petroleum Corporation companies jointly owned by ENI.

PETROBEL main activities are exploration, and development of oil & gas fields and the production of oil, gas and condensates. BETROBEL produces 210.000 barrel/day of oil and condensates, 1150 million cubic feet/day of Gases, 650 ton/day of LPG.