Japan AOC delays start of Egypt oil output to 2010


Normal 0 21 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Normál táblázat"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} Japan’s AOC Holdings said on Thursday it aimed to start commercial output of crude oil from Egypt’s offshore Northwest October block in the northern Gulf of Suez in April-September 2010, delayed from its previous plan of January-March 2009.

AOC had said the start of output may be delayed. AOC, parent of oil and gas development unit Arabian Oil Co Ltd, also said Arabian Oil had agreed to sell half of its 100% stake in the offshore block to Egypt-based Pico International Petroleum to free up funds to participate in other projects in future. An official with Arabian Oil declined to give information on the value of the stake sale, but added that it had invested a little more than ¥3 billion ($27 million) in exploration-related costs in the block. The official added that the company expected peak output of around 6,000 barrels per day of crude oil from the block.

Under a production-sharing agreement with Egypt, Arabian Oil and Pico will receive between them a little over 40% of the crude output at its peak, the official said. (Reuters)


Varga Augurs Return to Growth in H2 2023 Analysis

Varga Augurs Return to Growth in H2 2023

Gov't Extends Deposit Rate Cap Till Year-end Government

Gov't Extends Deposit Rate Cap Till Year-end

Scope Changes Outlook on Magyar Telekom Rating to Positive Telco

Scope Changes Outlook on Magyar Telekom Rating to Positive

Esztergom Guest Nights up 15% in July Tourism

Esztergom Guest Nights up 15% in July


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.