Oil Majors Eyeing Offshore Yemen Blocks

DUBAI, Jan 8, 2008 (Dow Jones Newswires)

ExxonMobil Corp. (XOM) and Total S.A. (TOT) are among 25 companies that have qualified to participate in Yemen's first offshore bid round covering blocks spanning the Red Sea and Gulf of Aden areas, the country's oil ministry said Tuesday.

Occidental Petroleum Corp. (OXY) and Gaz de France (1020848.FR) are also among the companies prequalified to bid for the 11 offshore blocks later in the year, the oil ministry said in an emailed statement.

Other companies in the race for the blocks include Repsol YPF S.A. (REP), StatoilHydro ASA (STO) and Hungarian oil and gas company MOL NYRT (MOL.BU), the ministry said.

The offshore concessions are set to be awarded on July 30, according to the ministry.

Yemen, one of the Middle East's poorest countries in terms of per capita income and located in the southwest of the Arabian Peninsula on the Red Sea and the Arabian Sea, has seen oil production fall in recent years as existing fields mature and few new ones have been brought on stream.

In the past six years, the country has been battling a decline in crude oil production, which has seen output fall 16% from a record high of 438,501 barrels a day in 2001 to 365,722 million barrels a day last year.

In the first half of 2007, production dropped further to 328,019 barrels a day, according to oil ministry data.

Yemen hopes that with international oil firms' expertise it will be able to recover some of the country's more difficult reserves, especially those in deep offshore waters.

DUBAI, Jan 8, 2008 (Dow Jones Newswires)

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Exxon Fined for Russia Sanctions Violations Under Tillerson (Jul 20)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 - ExxonMobil Says Will Drop Discussions Over Indonesia's East Natuna (Jul 18)
 Company: Total S.A.more info
 - Total, BP Unit, YPF Boost Investment in Argentina's Vaca Muerta (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 - S.Korea's Hanwha Total Says Naphtha Cracker Shut After Lightning Strike (Jul 17)
 Company: MOL Hungarian Oil & Gasmore info
 - MOL Group Acquires New Licenses in Hungary (Feb 7)
 - MOL Makes Oil, Gas Discoveries in Pakistan (Jul 13)
 - MOL Finds Condensate, Gas at Makori East-05 Well in Pakistan's TAL Block (Jul 12)
 Company: Repsol more info
 - SBM Offshore, Repsol to Get $247 Million in Yme Insurance Settlement (Jul 17)
 - Repsol Sinopec Flows First Oil from North Sea Shaw Field (May 9)
 - Spain's Repsol Aims To Cut Debt By A Further 16% In 2017 (Feb 23)
 Company: Occidental Petroleummore info


 - Hess To Sell Permian EOR Assets To Occidental For $600 Million (Jun 19)
 - Occidental Profit Beats; Shares Fall On Weak Output Forecast (May 4)
 - US Shale Firms Go Back To Work Buoyed By OPEC Deal, Trump Victory (Nov 14)
 Company: Gaz de Francemore info


 - Grenland Group Delivers Gjoa Subsea Structures (Sep 1)
 - Plexus to Supply Wellhead Systems for Mediterranean E&P Activities (Jul 20)
 - ELNG Completes First Ever Health & Safety Partnership Program with GE O&G (Jul 15)
 Company: StatoilHydromore info


 - Samsung Heavy Industries Lands Statoil FSU Construction Contract (Sep 14)
 - First Movers in Eco-Drilling: Going 'Dope'-less (Apr 25)
 - StatoilHydro Delays Hammerfest LNG Start Up (Nov 23)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Executive Assistant
Expertise: Executive
Location: Houston, TX
 
Regional Sales Executive
Expertise: Business Development|Sales
Location: Jacksonville, FL
 
Land Representative - MCBU Midland Surface
Expertise: Landman
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours