Middle East Economic Survey

VOL. XLVIII

No 48

28-November-2005

YEMEN

Hunt, Exxon Seek Arbitration Over PSA Extension For Block 18

Hunt Oil and ExxonMobil have filed a request for arbitration with the International Chamber of Commerce in Paris over the expropriation of Marib Block 18 in Yemen. Affiliates of the two companies have a partnership in the Yemen Exploration and Production Company (YEPC) which has produced oil in the block for over 20 years under a production-sharing agreement (PSA) which...