Yemen’s Ministry of Oil and Minerals has signed an agreement with Yemen Hunt Oil (YHOC) to renew an 18-block oil production concession in the provinces of Marib and Al-Jawf, reported Saba.
The agreement was finalized after the cabinet agreed to extend its production sharing deal with the company by five years from November 2005.
US-based Hunt Oil is a privately held exploration and production company, conducting worldwide petroleum operations for over 68 years. In 1981, the independent energy company signed a production sharing agreement with the government of the Republic of Yemen and began operations.
Oil was not produced in Yemen until 1984, when the YHOC, a local subsidiary of Hunt Oil, struck oil with its first wildcat. The company subsequently constructed a 423-kilometer pipeline across the mountains to the Red Sea, and Yemen joined the ranks of oil exporting countries, reaching production levels exceeding 150,000 barrels per day. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
