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FINANCIAL NEWS
Total inks oil exploration MoU in Yemen
11 Feb 2009
(MENAFN) SABA news agency reported that Yemen’s Oil and Minerals Ministry has signed a memorandum of understanding (MoU) with France’s Total Oil Company.
Under the agreement, signed in Sana’a, the French company will spend $32 million in exploring for oil in block# 85, Shabwa province- in two phases by drill four wells minimum.
The Yemeni government welcomed the French investments in the country, saying that these investments would receive care of the government. There are 100 oil blocks in the country including 12 productive blocks.
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