Arabian Oil loses drilling rights in Saudi Arabia

Arabian Oil loses drilling rights in Saudi Arabia

TOKYO, Japan - Keiichi Konaga, president of Japan's Arabian Oil Co., tells reporters in Tokyo on Feb. 28 that the company had lost oil drilling concessions in Saudi Arabia when the deadline for renewal expired at 6 a.m. Japan time the same day. As a result, Arabian Oil's operations in the Khafji oil field will be reduced by half, limiting them to a part of the field controlled by Kuwait.

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