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

SANA'A, March 13 (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.



AF/AF