Wednesday, 20 October 2010

Yemen estimates reserves of around 11.9 billion barrels

Chairman of Yemen's Petroleum Exploration and Production Authority Nasr Ali Al-Humaidi has said that studies by the organisation have estimated that the total oil reserves in the 35 blocks tested contain around 11.9 billion barrels of oil.

Al-Humaidi said that the area in which work of exploration and production implemented at present are 25 per cent of the total area of the blocks. He said that the results so far were 'promising' and that Yemen is still in the first stages as a petroleum country.

“Exploration and production of oil and gas still need a lot of efforts and large investments and require teamwork and shared responsibility to provide different conditions appropriate to encourage the flow of domestic and foreign investments in oil and gas field. Oil and gas are one of the most important areas of investment in Yemen, if not the most important of all currently,” said al-Humaidi.

He also pointed out that the organisation has general oversight of all the operating processes in the blocks and that it, “represents the state as an essential partner in the areas to create a large infrastructure in the oil-producing blocks including production facilities to handle oil, gas, water, and exportation of crude oil units”.

Source: Yemen Observer

For more news and expert analysis about Yemen, please see Yemen Focus.

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