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YemenOnline >> Economic & Business

Oil Ministry urges international companies to invest in Yemen
The Ministry of Oil and Minerals has called for all oil companies globally to negotiate and discuss direct investments in the oil and gas exploration of 50 blocks now open in Yemen.


Oil and Minerals Minister Amir al-Aydarus was quoted by Yemen Observer as saying that the invitation is open to all oil companies worldwide in order to adopt a fast track to expanding the exploration of oil and gas based on international competition approved by the Council of Ministers and its amendments which authorized the Ministry of Oil and Minerals to negotiate directly with companies that have high expertise in the exploration and production of oil.

"We are ready without reservation to deal with any company provided that their financial and legal position be liable, producing and operating oil blocks, be able to invest, and have the scientific capacity and a clean record in regard to aspects of safety and environment", Aydarus said.

He pointed out that the ministry recently opened four oil blocks for investment to a number of companies implementing a new tactic which is to communicate and negotiate directly with the companies and that a month has been set aside for the companies to reply on these blocks.

The Map of Yemen's oil blocks include 100 oil blocks, 12 of which are productive blocks, 38 are exploratory blocks, and 50 of which are open.

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