Kerr-McGee to prospect in Yemen
Dec. 8, 1996 American oil company Kerr-McGee has signed an agreement with Yemen's Oil Ministry for prospecting rights in three fields in the eastern Hadramawt province. The company's budget for initial prospecting, to start early next year, is $ 30 mm. An additional $ 600 mm will be spent for the development of the fields if oil is found. Yemen, which has close to 1.4 bnb in proven oil reserves, is expected to increase its production to about 400,000 bpd next year from the current 350,000 bpd.