Yemen plans to invite European and American oil majors including Exxon Mobil, Royal Dutch Shell, Chevron and Total for direct negotiations to explore its oil blocks. The Yemeni cabinet has to modify a legislation to allow the government to resort to one to one negotiations with oil companies. Yemen, the poorest nation in Arabian Gulf, has proven reserves of four billion barrels of oil and produces about 412,500 barrels of oil daily. OMV, the Austrian national oil company, is already developing an oil field in Yemen and it may be one of the favoured companies for being awarded a contract.