Yemen grants oil and gas exploration deals to British, Algerian firms
British company Capital Oil and Gas (COG) is venturing into Yemen with its first oil exploration deal signed last week. The concluded a production sharing agreement with Yemen's Ministry of Oil and Minerals, relating to Blocks 37 and 39 in the southern province of Al-Mahra. Under the terms of the agreement, COG is to invest $125 million in the initial exploration phase.
Algerian state-owned oil and gas company Sonatrach and Yemen’s Ministry of Oil and Minerals also reached an agreement last week, under which Sonatrach was granted a concession to explore for gas in Yemen. The deal also obliges the Algerian company to provide training for Yemeni oil and gas exploration staff. — (menareport.com)
© 2003 Mena Report (www.menareport.com)