Yemen creates new E&P firm

off-shore-rigThe Yemeni government agreed to establish the Masila Company for Petroleum Exploration and Production (PetroMasila) at block 14 in Masila area, Hadramout province.

PetroMasila will be a subsidiary of the National Petroleum Company (under formation) and runs and operates the block 14, taking over the Masila oilfield from the Canadian Nexen company, whose production sharing contract expires on December 17th, 2011.

PetroMasila will conduct further exploration and development operations on block 14.

The revenue of the oilfield entire production will transfer to the government, in addition to the block's assets and property.

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