Yemen to launch 5th Int'l competition for oil blocks soon

SANA'A, March 12 (Saba) - Ministry of Oil and Minerals is to launch
the Fifth International Competition for oil blocks in the second
half of 2009.

Minister of Oil and Minerals Amir Aidrous told the state-run
26sep.net that the competition to be carried out by the Petroleum
Exploration and Production Authority would include land and offshore
oil blocks in a number of promising sedimentary basins.

The Fifth International Competition is a part of a strategy the
ministry adopts to attract as many as possible of the international
companies working in petroleum industries.

Ministry of Oil has launched four international competitions
resulted in signing about 19 share-production agreements based on
the best financial and technical conditions. In addition, the
ministry has received many requests for investment in oil
exploration in the open oil blocks, which reach 100 ones in the
country.

Noteworthy, 75 percent of the general budget of the country depends
on the petroleum revenues.