Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Yemen invites foreign oil firms to bid for 5 blocks  Join our daily free Newsletter

MENAFN - Arab News - 18/09/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Yemen has invited international companies to bid for exploration and development rights in five oil blocks around the country as it gives top priority to building up its oil output and reserves, Oil Minister Ahmed Dares said.

The auction aimed to attract foreign investment and increase exploration operations, he was quoted as saying in a Reuters report.
The blocks on offer are 6, 15, 84, 85 and 102, which are located in the Al-Saba'ateen basin, the Say'un-Masila basin, and the basin of Mukalla-Sayhoot, Dares told Saba.

"Increasing oil production and reserves through expanding exploration blocks... is a top priority for Yemen at the moment," Reuters quoted him as saying. Yemen is a small producer with proven oil reserves of around 3 billion barrels as of Jan. 1, 2012, according to the US Energy Information Administration (EIA).

Oil reserves and production are sourced from two areas, the Marib-Jawf basin in the north, and Say'un-Masila basin in the south. The government estimates the Masila basin holds about 84 percent of the total.

Yemen is struggling to tame insurgency and rebuild its economy after years of conflict. Political turbulence last year pushed oil output below 200,000 barrels per day.

Yemen's oil and gas exports have been repeatedly interrupted by attacks on pipelines by militants or disgruntled tribesmen since anti-government protests created a power vacuum in 2011. This has led to fuel shortages and slashed earnings.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help