Norske AEDC AS
(NAEDC) is a
wholly owned
subsidiary of
Arabian
Oil Company Ltd
(AOC), the
upstream arm of
the Japanese
joint
stockholding
company AOC
Holdings, Inc
(AOCHD).
AOC is
currently
engaged in
the
exploration
and
development
of crude
oil in the
Northwest
October
Block in the
Gulf of
Suez, Egypt.
AOC
produces oil
at Gyda oil
field in the
Norwegian
North Sea
through its
subsidiaries.
AOC also
holds a
working
interest on
the
re-development
Yme oil
field on the
Norwegian
continental
shelf where
commercial
production
is scheduled
to be
commenced in
the 4th
quarter of
2009.
AOC is
moving
forward to
explore new
commercial
opportunities
primarily in
the Middle
East and
Norway with
an eye to
expanding
and
strengthening
its business
foundation.
NAEDC was
established in
Norway in 1988
to participate
in oil and gas
exploration
projects in the
Norwegian North
Sea, and holds
5% working
interest in the
Gyda oil field
in Block 2/1 of
the Norwegian
North Sea
under the
operatorship of
Talisman Energy
Norge AS. In
addition,
a 0, 8 % WI in
Tambar East was
recently added
as a result of
unitisation
between the
Tambar East and
PL 019B acreage.
In 2002, NAEDC
was re-qualified
as licensee on
the NCS. In
2008,
AOC's management
made the
decision to
establish the
NCS as one of
the company's
key focus areas.
As a result, new
assets were
identified
as candidates
for acquisitions
and several bids
have been made.
These
transactions are
currently
awaiting
approval from
the Norwegian
Ministry
of Oil and
Energy.
NAEDC has a
growth strategy
on the NCS and
is planning a
balanced
addition to the
portfolio
through
acquisitions and
participation in
upcoming APA and
Licensing
Rounds.
