None of the standard reference texts on English surnames list 'Baguel' but it could refer to a person from Baguley (Cheshire) or it could be a variant of Bagwell (dweller by a badger stream).
I suspect that the previous answer given is derived from a web search which will show that Rhourde El Baguel is a large oil field in Algeria. The problem with this is that Algerian place names tend to be written as the way French colonists heard local Arabic names, which is often not very accurate.
I suppose that it's possible that it could refer to someone who wore a jewelled ring (= 'bague', in French).
If 'Baguel' is your surname I just hope that its not derived from the Spanish 'bagual'. In Argentina this means a wild horse or cow but, in Chile, it means a big, lusty and stupid man!!