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Yemen requests international bids
From Herald News Services
Published: Tuesday, November 06, 2007
Yemen's Oil and Minerals Ministry has invited international oil companies (IOCs) to submit bids by Dec. 8 for its fourth international bid round.
"We are opening up 10 offshore blocks and are targeting to conclude the bidding process in six to eight months," Oil and Minerals Minister Khalid Mahfoudh Bahah said in Calgary in early May at the triangular roadshow. His other ports of call were London and Houston.
Non-OPEC member Yemen is soliciting the assistance of IOCs to 'significantly' boost oil production capacity over the coming few years, Bahah said without naming a figure.
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Font:****With an annual average decline of nine per cent, oil output at the end of second-half 2007 was 328,019 barrels per day.
Certain Calgary-based oil companies are expected to participate in the new bidding round. They include Nexen Inc. and TransGlobe Corp., who together account for about 47 per cent of Yemen's oil output.
Forty other IOCs, including the Royal Dutch/Shell Group, BP, Occidental Petroleum Corp. and Statoil-Hydro, have shown interest to bid. The new blocks on offer are located along the Red Sea, Gulf of Aden and the Socotra basin.
© The Calgary Herald 2007 |
