Oil Deal [Archives:2000/52/Local News]

An official source said Yemen’s government on Wednesday, December 22 endorsed an agreement on oil production in Block Two of the Shabwa oilfield, concluded with the Italian company Agip, a subsidiary of Eni.
The official source also said the agreement had been submitted to the parliament to be approved before getting presidential ratification. In September, the Agip Yemen B.V. concluded an agreement on transferring a 40 percent interest in Yemeni Garden Block Three to Algerian oil and gas company Sonatrach.
It is expected that crude oil production in Yemen will reach 412,000 barrels per day by the end of 1999, compared to 385,000 barrels per day last year. By concluding oil deals, Yemen attempts to develop and consolidate its economy and to fund its development projects.
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