Yemen to offer 15 blocks for exploration in October

Yemen plans to offer next month the rights to develop 15 offshore hydrocarbon blocks as part of  Yemen’s plan to increase oil production, Oil Minister Amir al-Aidarous said last Saturday.
 
“Expanding explorations is one of the main concerns of the government,” al-Aidarous said Yemen will offer the blocks to international companies during a two-day conference in Sana’a in October, he said.
 
Yemen, which relies on oil for 75 % of its income, is looking to attract foreign expertise to refresh falling production. The country’s crude output declined to 288,000 barrels a day last year compared to  440,000 barrels a day in 2001, according to U.S. Energy Department data.

A lack of exploration activity over the last ten years caused the production drop, al-Aidarous said. “There is a decline not because of the non-availability of oil but because of the absence of an exploration vision.”
 
Yemen postponed a fourth bidding round for 11 offshore oil blocks in August 2009
 
in part due to international concerns regarding security in the Gulf of Aden and higher insurance rates, the U.S. Energy Information Administration said on its website, citing the Yemen Times.
 
“I understand that security is a big concern,” al- Aidarous said. “The oil sector has continued to operate without trouble. Some companies have been producing oil for over 20 years without stopping for a single day.” The minister said.

Related Content

•  Yemen conducts non-competitive but necessary and historic elections
•   Leader of al-Qaeda in Yemen kisses and bids final farewell to slain mid-level leader
•   Yemen’s JMP leader attacks Islamist Party overall conduct
•   Seven al-Qaeda fighters killed in South Yemen
•  Yemenis determined on elections as the only way for power transfer
•   US drone and missile attacks killed 10 al-Qaeda operatives in Yemen, top leader survived
•   Yemen determines on elections as the only way for power transfer
•   Yemen President clears airs with his own tribe before flying to US for treatment
•   UNICEF officials: half a million children in Yemen are likely to die from malnutrition
•   Yemeni-Turkish medical conference starts in Sana’a