US ‘PAR’ Explores Oil in Yemen [Archives:2001/44/Local News]
Considering the great potential of oil and gas exploration opportunities in Yemen, and since it is the prime objective of the government to encourage investments in this vital mining field, and due to attractive incentives and the stable environment, two Memoranda of Understanding (MOUs) were successfully signed between Mr. M.J. Keyes, President of Pan American Resources Corporation (PAR), in association with Mr. John Samuels, President of US Reduction Company Inc., (USR), with the Ministry of Oil and Mineral Resources of the Republic of Yemen. The local partner is Partners Company Ltd.
The two MOUs cover two exploration block numbers, 16 and 62, located in the Gulf of Aden in the southeast corner of the country, adjacent to the boundary with the Sultanate of Oman. Block 16 is both onshore and offshore while Block 62 is a frontier block located in deep water.
Mr. Keyes was quoted as saying PAR is extremely pleased with the opportunity to participate in exploring and developing the existing energy resource potential of Yemen. Mr. Samuels went on to say the Ministry was instrumental in attracting USR to Yemen because of its very professional staff and well documented hydrocarbon potential. Both Presidents expressed their satisfaction in being able to join with the growing numbers in international oil and gas companies in Yemen. The companies indicated that they expected to be joined by one or possibly two other international oil companies in the process of evaluating the blocks.
PAR is a privately held company headquartered in Houston, Texas with a mandate to acquire exploration and production licenses in and around the Middle East. USR, a privately held company headquartered in New York City, is a diversified company involved in a number of commodity business ventures.