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Sat 21 Feb 2009 08:34 PM

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Yemen receives oil investment offers

Yemeni oil minister confirms investment offers from oil majors, including Exxon Mobil Corp and Total.

Yemen has received investment offers from oil majors including Exxon Mobil Corp and Total , Oil Minister Amir al-Aidarous said in remarks published on Saturday.Yemen's Ministry for Oil and Mineral Resources has received eight oil investment bids from international companies, pan-Arab daily al-Hayat quoted Aidarous as saying, four of which were from oil majors seeking direct negotiations with Yemen.

The companies include Exxon Mobil, Total, and BP , the minister said, but did not elaborate on the nature of the investments.

Other companies that made bids included Austrian oil and gas group OMV , Nexen , and Occidental , he said.

Aidarous said Yemen, as part of measures to encourage investments in its oil industry, would raise the state's share in production costs.

The higher revenue from the increased government participation would offset the decline in oil prices, he said.

Yemen exports about 200,000 barrels of oil per day.

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