Yemen to launch 5th international competition for oil blocks soon

Mar 12, 2009 01:00 AM

Yemen's Ministry of Oil and Minerals is to launch the Fifth International Competition for oil blocks in the second half of 2009.
Minister of Oil and Minerals, Amir Aidrous told that the competition to be carried out by the Petroleum Exploration and Production Authority would include land and offshore oil blocks in a number of promising sedimentary basins. The Fifth International Competition is a part of a strategy the ministry adopts to attract as many as possible of the international companies working in petroleum industries.

The Ministry of Oil has launched four international competitions which resulted in signing about 19 share-production agreements based on the best financial and technical conditions. In addition, the ministry has received many requests for investment in oil exploration in the open oil blocks, which reach 100 in number in the country.
Noteworthy, 75 % of the general budget of the country depends on petroleum revenues.

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