Pakistan Petroleum Plans to Search for Oil in Yemen This Year

Source: Bloomberg 2/20/2007, Location: Middle East

Pakistan Petroleum Ltd., the nation's largest gas producer, plans to start searching for oil in Yemen this year in partnership with OMV AV as part of a plan to boost production.

The state-controlled company plans to ship its share of any find from the Middle Eastern nation to Pakistan, Chief Executive Officer Syed Munsif Raza said yesterday in an interview at the venue of an oil and gas conference in Islamabad. The explorer this year won a license in Yemen, its first overseas venture, he said.

Karachi-based Pakistan Petroleum, which has a 50 percent share in the venture has partnered with central Europe's biggest explorer ``because OMV is already exploring in Yemen and has the required experience,'' Raza said. Yemen ``seems a good region because it is producing a lot of oil.''


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