Middle East Economic Survey
Oxy Awarded Yemens Block 75
Occidental Petroleum recently signed a production-sharing agreement for Block 75 with Yemens Ministry of Oil and Minerals. Block 75 covers an area of 639sq km in the Shabwa governorate. Oxy will pay $1mn as a royalty for the license to operate in Block 75. Exploration operations (with an approximate cost of $12.5mn) are expected to start soon, and oil production is expected in mid-2008. The Yemeni government share...