Four new oil companies explore in Yemen [Archives:2006/909/Local News]

SANA'A, Jan.1 ) The biggest agreement of its kind was signed on Wednesday by the Yemeni government with Korean oil companies.

The Yemeni Ministry of Oil and Minerals signed an agreement with four South Korean companies due to take part in the exploration and production of oil in Block 16 in the Yemeni eastern province of Mahrah.

The agreement stipulated that the Korean companies should spend a sum of US$ 13 million on the exploratory operations they will implement in an area of 10 square kilometer. The Korean companies, under the agreement, will dig and assess an exploratory well and survey an area of 11,000 square kilometer.

In the beginning of last September, the Yemeni Ministry of Oil and Minerals signed a similar agreement with four petroleum companies from different countries, under which those companies explore and produce oil in Block 6, Shabwa province.

Seven foreign oil companies working in the oil sector in Yemen operate in seven productive blocks, while another 20 companies are still in the explorative phase in over 20 blocks around the country.
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