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FINANCIAL NEWS
Yemen to offer 10 oil, gas blocks for bidders
10 Oct 2010
(MENAFN) Yemen’s Oil Ministry said in a statement that the government plans to offer 10 oil and gas blocks for development during an international energy conference later this months, Reuters reported.
The six onshore and four offshore blocks will be presented to companies for tenders during the October 18-19 conference in the capital Sanaa, the ministry said in a statement.
Separately, Yemen and Kuwait Energy Co. signed a preliminary deal for the private firm to conduct a study on uses and reserves of gas in Yemen, Yemeni state media reported.
Yemen relies on oil revenues for 70-75 percent of public revenue and over 90 percent of export earnings.
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