World companies win oil investment contracts [Archives:2004/751/Business & Economy]

The Chinese oil company Snobek has won investment contract in the sectors of 69 and 71, the Norwegian company DNO in sector 73 and the British company DOVE in sector 72 while. Preliminary results mentioned the availability of oil in the sector 41 run by the OJNC Company.
Those companies have been chosen from among 19 companies tendered for competition for obtaining concessions of oil and gas exploration in six fields included in a tender by the Yemeni Establishment for Exploration and Production of Oil and competition between the companies was confined to world criteria. According to agreements on investment contracts, an amount of $28 million would be spent during the first and second stages of exploration, digging 13 exploratory wells in addition to conducting 2 and three dimension seismographic survey estimated at around 3250 square km.
Engineer Nabil al-Qawsi, president f the Yemeni Establishment for Exploration and Production of Oil said that evaluation process used in selecting the winner companies was completed according to world criteria and bases.
Al-Qawsi also said there would be studies and necessary tests for getting sure about capacities of the sector 41 before the commercial announcement ad that would confirm the latest explorations the sector no. 29, pointing that during the coming period there would be negotiations to be held with the winning companies in the tender about participation in production as a prelude to signing the agreements and referred to be endorsed by the government and the parliament.
The Oil Establishment would in the next period join with productive and exploratory companies working in both basins of Maseela and Shabwa with the aim of strengthening the productive capacities and exchange of information and ideas about characteristics of the basins potentials.
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