British company wins oil contract in Egypt
Egypt-UK, Business, 2/17/2005

The British "Barren energy oil company" said on Wednesday it won the excavation license for oil in two areas in the Suez Canal in Egypt.

The winning of the two licenses came after the consent of the Egyptian parliament in 2004 to give the same company the same licensing rights in east Kanayes area.

The company's executive president Vinienne O Sullivan said that the two areas which are situated near producing oil fields actually restarts the company's activities in oil exploration in Egypt.

Price of the company's one share increased at 1.7% after the announcement made to winning the license so as to reach 485 pence by the beginnings of dealings on Wednesday morning, approaching its highest rate in one year estimate at 491 pence. " Barren " company main activities concentrate in West Africa and the Caspian sea.

Worthy mentioning that Egypt's production of crude oil increased in January to 590323 barrels daily from 571230 barrels in the preceding month.

Egypt consumes daily 570,000 barrels oil and it has 2.9 billion barrels as reserves but it suffers of not having huge oil explorations since 1999. Analysis say that Egypt might become an oil exporting country in 2010 and for that reason it has inclined for developing gas sector. N.

Previous Stories:
  BP investments in Egypt hit $ 12 billion   (1/20/2004)
  British IT company pumps investments in Egypt   (12/3/2001)
  33 British companies to discuss investment in Egypt   (9/25/2000)

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