Foreign oil majors sign MoU with Yemen for oil exploration

Published June 20th, 2001 - 02:00 GMT

Energy majors from Austria, Canada and Spain have signed a joint memorandum of understanding with Yemen for oil exploration and expect to seal a contract early next month, an official from the Austrian oil group OMV said Tuesday, June 19. 


OMV, Canada's Pan Canadian and Spanish company Repsol "are negotiating to sign the contract by July 10," said regional manager Ashiq Hussein, without elaborating. 


Hussein added that OMV had submitted a bid to develop gas block 10 in Qatar. "Qatar is currently evaluating the bids," he said. 


OMV officials have also held talks with Yussef Omar bin Yussef, the chief executive officer of Abu Dhabi National Oil Co. 


"The meeting was very good. When foreign companies are invited, OMV will be invited," Hussein said. 


OMV, which is 19.6-percent owned by the Abu Dhabi-based International Petroleum Investment Co. (IPIC), has expressed an interest in medium-sized gas and oil projects in the United Arab Emirates. — (AFP) 


© Agence France Presse 


© 2001 Mena Report (

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