OGJ Newsletter

11/28/2005
General Interest - Quick TakesContract dispute halts Marib operations in YemenYemen Exploration & Production Co. (YEPC), a venture of Hunt Oil Co., ExxonMobil Corp., and South Korea’s SK Corp., said operations in oil fields in Yemen’s Marib region have come to a halt after the alleged violation of a contract by the Yemeni government.YEPC filed for arbitration with the International Chamber of Commerce in Paris, claiming the government expropriated Block 18 (the Marib Al-Jawf Block) on Nov. 15.The joint venture has produced oil from the block for about 20 years under a production-sharing agreement passed into law in Yemen in 1982. A 5-year extension of the agreement, signed...
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