Yemens ministry of Oil and Minerals opened up a fifth bidding round for 10 oil and gas exploration blocks.
The ministry offered 10 oil and gas exploration blocks at the third International Yemen Oil, Gas and Minerals Conference.
Yemeni officials have ramped up their efforts to encourage foreign investment in the republic's oil, gas refining and petrochemical and mineral sector in the last few years.
The minister of oil and minerals, Ameer S. Al-Aidaroos, has outlined new onshore and offshore projects and investment opportunities,including new incentives for the international private sector to enable the future growth of Yemen's oil, gas, petrochemical and mining sectors.
Announcing the latest incentives in production sharing agreements, the ministers will showcase the government's plan for enhancing transparency by making data for open blocks more readily available, as well as the free transfer of funding and revenues into and out of the country.
Streamlining the tendering process and enabling a fast track for the validation procedures of the PSAs is also on the agenda.
“The forthcoming forum will create favourable conditions for the development and strengthening of beneficial cooperation between the Republic of Yemen and leading international companies for efficient exchange of experience and definition of new investment opportunities,” said Al-Aidaroos.
