[26/April/2012]

SANA'A, April 26 (Saba) - Ministry of Oil and Minerals and Geopetrol International Holding Inc. signed here on Thursday a production sharing agreement in block 80 at Wadi Sar of Hadramout governorate.

Under the agreement, $20 million will be spent in two exploration phases, drilling two exploratory wells and carrying out two- and three-dimensional seismic surveys.

On the other hand, the Oil and Minerals Ministry is negotiating currently with some foreign companies on other oil and gas promising blocks.

Minister Hisham Sharaf said that the Yemen's future of oil and gas is promising, stressing what has been explored is only 12 percent of the targeted exploratory areas.

AF
Saba