Teikoku Extends PSC on West Bakr Block in Egypt
Teikoku Oil has reached an agreement with Egypt to extend the currently existing Production Sharing Contract for ten (10) years from April 2010, the original expiration date. The Extension Contract shall therefore be until April 2020, with the optional five (5) years' re-extension, subject to the approval of the Republic.
Since its production commencement in 1980, EPEDECO has been engaged in the project as the Operator and produced about 40 million barrel of oil by the end of last year, with the daily production level of at about 5,400 barrel of oil per day in the onshore West Bakr Area.
Teikoku has been highlighting the North Africa region as one of the Core Areas for Teikoku's long-term business portfolio and the Republic has been presiding such strategy to date. Besides the aforementioned production activities, Teikoku has also been engaged in exploratory operations in South East July and South October Blocks locating offshore Gulf of Sues and in North Qarun Block locating Western Desert.
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