Middle East Economic Survey
Vintage To Spend $26Mn On Yemens Block S-1 In 2005
The USs Vintage Petroleum, operator in Yemens Block S-1 (Damis), announced on 18 November that it had allocated $26mn (15% of its total exploitation budget) on facilities construction and development drilling in the block in 2005. Vintage holds a 75% equity stake in S-1, with the remaining 25% owned by Canadas TransGlobe. Vintage said that approximately $19mn in capital expenditure...