In June 2000, Yemen and Saudi Arabia signed the Treaty of Jeddah, resolving a longstanding border dispute. The agreement opened up opportunities for increased Saudi trade and investment in Yemen, and made possible the award of Oil and gas exploration rights for areas in Yemen, adjacent to the border.  In 2000, four new blocks were demarcated in this area, and several companies have signed memoranda of understanding (MOU) for exploration rights. In January 2001, Nexen was granted the right to operate Block 59, located adjacent to the Saudi border. Nexen holds a 60 percent interest, with the other 40 percent held by Occidental Petroleum (of which Nexen is no longer a subsidiary). In December 2001, Austrias OMV, along with Cepsa of Spain and PanCanadian, concluded an exploration and production contract with the Yemeni government for Block 60.