OIL-IndianOil sign pact for oil & gas exploration
Mumbai   18-Apr-2008
IndianOil - Oil India combine and Gujarat State Petroleum Corp have signed agreements for exploring oil and gas in five blocks in Yemen. OIL-IndianOil combine along with its foreign collaborators Medco Energy and Kuwait Energy Company signed contracts for Blocks 82 and 83 while GSPC and its partners Jubilant Enpro and Alkor Petro signed pacts for Blocks 19,28 and 57, an official statement said here. The agreements were signed in the presence of Yemeni Minister of Oil and Minerals Khaleci Manfoudh Bahak Speaking on the occasion, the Minister of Oil of Yemen expressed great optimism in the Indian oil companies and said that fie looks forward to the companies starting their operations in Yemen in the near future, The agreements signed would go for ratification by the Yemen Parliament and then eventually would be' sent for trie signature of the President of Yemen. This process is expected to take about two months or so.