Sydney and Port Moresby-based Oil Search Ltd. has decided on a complete exit from its acreage in Yemen. The company has sold its 34% interest in the onshore Block 7 Al Barqa permit, which lies in the Shabwa basin about 340 km east of the capital Sana’a, to fellow joint venture partner Petsec Energy Ltd. The terms of the purchase were not disclosed, but Petsec joined the permit group last year by purchasing 21.25% from AWE and 8.5% from Mitsui for a total of about $1.5 million (Aus.). The purchase of Oil Search’s interest means Petsec now has a 63.75% interest in Block 7 and the company will take over as operator. The block contains the Al Meashar oil discovery made in 2010, however the political unrest in Yemen prompted Oil Search to declare a force majeure in 2011 and no work on the find, or […]