Oil Ministry and Capital Oil sign deal [Archives:2003/05/Local News]

February 4 2003

The British company Capital Oil and Gas is to invest $25million in primary oil exploration stage in al-Mahara in Mareed and Damakhout areas, in the block sectors 37 and 39.
Yemen’s Oil Minister, Abdu al-Malek Alama, signed a protocol for the exploration in al-Mahara governorate with Capital Oil and Gas executive manager Fred Pone on Jan. 28.
Pone said that he is happy to enter oil exploration in Yemen in the light of encouragement and facilities offered by Yemen’s Oil Ministry.
He added that this agreement will support and strengthen mutual interests of the two countries.
He pointed out further that this is the first time that his company has entered in an oil investment deal in Yemen, but it’s hoping to expand and cover more fields.
Robert Mackry, the executive manager for the company, and Nabeel al-Khameiri, the company agent in Yemen, attended the signing ceremony also.