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In
its session which was commenced in the 22/3/08 ,the Yemeni parliament
council has approved a legislation
regarding authorizing the Yemeni government embodied in the ministry of oil
and minerals (MOM) to extend
the
production sharing agreement decree under the act no.(68) for the year 1991
and amended by the act
no.(2) for the year 1997 in Block-4 ( Ayad ) Shabwah governorate which
seeks and aims to encourage the
contractor to rehabilitate , develop, and conduct more research and
development in terms of exploration
activities in the mentioned block for another more five years to be added
to the production and development
period referred to in article (3-3/B) of this agreement which makes the
conclusion of development and
production period ends in 23/10/2022 and an extension on the exploration
activities for 3 years. |