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 )