Pakistan's PPL to invest in Yemen oil concession

ISLAMABAD, Feb 19 (Reuters) State-run Pakistan Petroleum Ltd (PPL) won the right to explore for oil and gas in Yemen, the first such overseas concession acquired by a Pakistani firm, a senior company official said on Monday.

Syed Munsif Raza, managing director of Pakistan's second largest oil and gas exploration firm, said the company had entered into a joint venture with Austria's OMV and planned to invest million over the next three years to drill two wells in the Arab state.

''Recently we have been successful in getting a block in Yemen, with our joint venture partner OMV, which is also operator for that field,'' Raza told Reuters in an interview on the sidelines of an oil and gas conference in Islamabad.

REUTERS CS DS1300