Companies compete for Yemeni oil [Archives:2006/997/Local News]

November 9 2006

SANA'A, Nov. 7 ) The Ministry of Oil and Minerals has selected 34 world companies to compete for the right of exploring and producing oil in 14 blocs under investment within the third international tender.

The competing companies were selected from the initial 63 who submitted bid forms that included the minimum technical and financial requirements in order qualify for the final stage upon which the companies will be given the right to explore 14 blocs.

In a meeting attended by company representatives, Khalid Bahah, oil minister, announced the tender and declared it to be the third international tender. The 14 blocs involve seven governorates.

Bahah considered the announcement of this tender to be an important step for investment and a boost for a developed and progressive Yemen.

Additionally, Bahah indicated the committee in charge of the third international tender will study the bids of these companies technically and financially between Nov. 26 and Dec. 19.

The final result will be announced on Dec. 20.