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The Belayim oil field in located in the Gulf of Suez, 165 km SE of Suez City, Egypt. The area is comprised of the Belayim Land and Belayim Marine oil fields, discovered in 1955 and 1961 respectively. The Belayim Marine oil field was the first offshore oil field discovered in Egypt, located 9 km away from Belayim Land.[1] In 1978, explorations began by the Compagnie Oriental des Petroles D’Egypt (COPE), which was then owned by the International Egyptian Oil Company. Over 50 years of exploration have depleted oil reserves within the Belayim oilfield by over 75%. However, the oil fields still hold over 600 million barrels of oil, expected to produce over 75,000 barrels per day through 2020.[2] In 2009, a new license was negotiated between Eni and the Egyptian Minister of Petroleum. The license extends production through 2030, with a commitment to spend over 1.5 billion on optimizing development.