Austrian company hunts for oil in Yemen
Yemen-Austria, Business, 7/15/2005

The Austrian oil company O.M.V said it received a license for exploring for oil in Yemen, and it signed a partnership agreement for production with the Yemeni ministry of oil.

The company said that the new agreement enables immediate exploration work following ratification of the Yemeni parliament of the contract, expecting this to be finalized in the fourth quarter of this year.

The share of the Yemeni government of oil exports which it shares with foreign companies which assume work of exploration and production reached 61.73 million barrels in 2004 in comparison with 65.42 million barrels in 2003.

More than 30 international company are working in Yemen in the field of oil production and exploration. Yemen's current production of oil is currently estimated between 400,000 to 450,000 barrels daily.

Previous Stories:
  Increase in the state's revenues in Yemen   (3/28/2005)
  Syria and Yemen sign a minutes on gas and oil cooperation   (2/3/2005)
  Syrian- Yemeni oil agreement signed Damascus   (2/19/2004)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search