[21/June/2012]

SANA'A, June 21 (Saba) - The first-ever joint company for oil production called "Jaunb Hood" is established in Yemen on Thursday.

Janub Hood will operate at block 47 in the southeastern Hadramout province.

According to the foundation contract, the company's board of directors is consists of three members of the Yemeni side (50%) and three of the partners (DNO International SA (DNO), Geopetrol and state-owned Yemen Oil, Gas and Minerals Corporation).

Janub Hood will begin producing oil by the end of 2012 or early in 2013, with a production capacity start at a rate of about 10,000 barrels a day.

AF
Saba