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FINANCIAL NEWS
Total owns 40% stake in Yemeni oil concession
06 Mar 2012
(MENAFN) French energy giant Total acquired a 40 percent stake in Yemen’s Block 3 exploration concession, Reuters reported.
The concession covers an area of 2,954 sq kilometers in the eastern section of the Marib Basin. The acquisition is subject to the approval of Yemen’s Ministry of Oil and Mineral Resources.
Other energy companies own stakes in the concession including Austria’s OMV, Czech MND and state-owned Yemen General Corporation for Oil and Gas (YGC).
Total’s production capacity in Yemen reached 86,000 barrels of oil equivalent per day in 2011.
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