Oil Sector Welcomes New Comer [Archives:1997/45/Local News]

November 10 1997

A memorandum of understanding has been signed by the Ministry of Petroleum and First Calgary Petroleum Company LTD (FPC). The mou is related to Block 43 in the South Hawarim area in Hadhramaut. The production sharing agreement (PSA) is expected to be signed in two months time. “FCP is a long established international oil company with operations in Tunisia, Algeria, China, and the US,” said Mr. Richard Anderson, FCP President and CEO. The mou stipulates that FCP will have have “a 5-year period of exploration with a minimum capital expenditure of US $15 million.” “FCP is optimistic for itself and Yemen to find oil in Block 43,” added Mr. Anderson.