Total and Koreans Sign Agreement for Block 70
The French petroleum company Total has signed an agreement with the Korea National Oil Corporation (KNOC) to farm into onshore exploration Block 70 (Attaq Area, Shabwa Province) in Yemen with an interest of 30.875 percent, a company statement said. This agreement has been approved by the Yemeni Ministry of Oil and Minerals.
Block 70, which covers an area of 1,367 square kilometers, is located in the south-eastern part of Central Yemen’s Marib Basin.
Already Yemen’s leading foreign investor, with this acquisition Total will increase its portfolio of exploration acreage in the country, beyond its recently acquired interests in Blocks 69 and 71, and will bring its technical expertise to the Block 70 consortium the statement said.
Present in Yemen for more than 20 years, Total is the operator of Block 10, East Shabwa and holds several other participations in oil exploration and production blocks, the statement said.
