Teikoku Oil Unit Extends Oil Production Sharing Contract With Egypt
Posted on: Wednesday, 27 July 2005, 12:01 CDT
Jul. 27--TOKYO -- Teikoku Oil Co. said Wednesday its Egyptian Petroleum Development Co. unit has agreed with the Egyptian government to extend their oil production sharing contract for 10 years from the original expiration date of April 2010.
They signed the extended contract with an option of an additional five-year extension on Tuesday for the West Bakr oilfield in Egypt's eastern desert, Teikoku Oil said.
Egyptian Petroleum Development produced some 40 million barrels of crude oil at the oil field from 1980 through the end of 2004 and is now turning out 5,400 barrels per day.
Apart from oil production, the Teikoku Oil group has participated in oil exploration at the North Qarun block in Egypt's western desert as well as the South East July and South October blocks in the Gulf of Suez.
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Source: Kyodo News International, Tokyo
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