• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Arabian Oil Signs Oil Production Sharing Contract With Egypt

Posted on: Wednesday, 27 July 2005, 12:01 CDT

Jul. 27--TOKYO -- AOC Holdings Inc. said Wednesday its Arabian Oil Co. unit signed an oil production sharing contract with the Egyptian government and Egyptian General Petroleum Corp. on Tuesday for the Northwest October concession in the northern Gulf of Suez.

The Japanese oil company made a successful bid last February for oil and gas exploration and development in the concession, which has proven oil deposits. It is close to other oil and gas production blocks.

Arabian Oil plans to spend at least $13 million on oil and gas exploration in the concession in the first three years and launch commercial oil and gas production in the second half of 2007, AOC said.

Arabian Oil has also participated in oil exploration by Switzerland's Alexoil SA in the South Zeit Bay concession in the southern part of the gulf since last September.

-----

To see more of Kyodo News International, go to http://www.kyodonews.com

Copyright (c) 2005, Kyodo News International, Tokyo

Distributed by Knight Ridder/Tribune Business News.

For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.

5017,

Source: Kyodo News International, Tokyo

More News in this Category