Austrian company hunts for oil in Yemen

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.