Medco awarded Yemen exploration blocks
Monday, December 11 2006 - 01:03 AM WIB
JSX-listed oil and gas company PT.Medco Energi Internasional Tbk. was awarded two exploration blocks in Yemen, namely block 83 and 84, Gulf Times reported Sunday.
The blocks are part of eight exploration concessions awarded by Yemeni government to five international oil firms.
Yemen is pumping around 380,000 bpd of crude oil, down from around 470,000 bpd in 2002 due to declining production at mature fields. The country hopes high oil prices will encourage international energy companies to explore onshore and offshore areas as Yemen tries to reverse the decline in crude output.(*)