Middle East Economic Survey
Yemen Signs Block 3 PSA With Oil Search, Pet Oil
Yemen on 2 October signed an oil production-sharing agreement (PSA) with Australias Oil Search Ltd and Pet Oil of Turkey for Block 3 in Shabwa province, according to the Yemen news agency, Saba. Under the agreement, the two companies are expected to invest a total of $10mn on exploration over two phases. Oil Search is operator for Block 3 with a 60% stake; Petoil holds 35%, and The...