Yemen accepts bids from 25 companies for offshore oil blocks

The Ministry of Oil and Minerals has accepted 25 out of 30 bids received from international companies for exploration rights in 11 offshore oil blocks, according to reports from the Middle East.

Offshore staff

HOUSTON -- The Ministry of Oil and Minerals has accepted 25 out of 30 bids received from international companies for exploration rights in 11 offshore oil blocks, according to reports from the Middle East.

Yemen offered the blocks as part of a plan to reverse its declining oil output and boost production to around 500,000 b/d from about 330,000 b/d in 2007, the reports said.

Accepted companies include ExxonMobil Corp., Total, Statoil, and Repsol, according to a statement.

The winning bids will be announced on July 30, the ministry said.

1/8/2008

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