Business

17 Oil Operators Bid for Ten Oil Blocks in 3rd OGM Conference

At the closing of the 3rdOil, Gas and Minerals conference, the Minister of Oil & Minerals said that the ministry received requests from 17 companies worldwide for oil exploration and production in more than ten open hydrocarbon blocks which were showcased at the conference.

Mr. Ameer Al-Aidaroos, Minister of Oil & Minerals announced the ministry’s intention to host the Oil, Gas & Minerals conference annually, and that he would present this decision to the government for endorsement and approval so that it becomes a continued loop of intercommunication to promote investment and industry.

He added that all the requests will be reviewed and the first Memorandum of Understanding (MoU) is expected to be signed with the Petroleum Exploration and Production Authority (PEPA) during the coming days to finalize the agreement procedures with the relevant parties, the names of which will be announced later.

In the run up to conference, three major oil companies were announced to have won tenders for three other hydrocarbon blocks.

The minister added, “The decision of holding the conference annually comes from the notable, qualitative, scientific working papers presented in the conference, in addition to the expertise and experiences that have been exchanged … not to mention the participants’ keenness and aspiration to enter the Yemeni market, especially in the oil, gas and minerals sector and the unprecedented success it has achieved.”

The minister affirmed that the preparatory committee, which facilitated this conference, will begin planning for the coming 4th OGM conference.

He pointed out that the success of the conference highlights Yemen’s capability of promoting investment in various sectors and, with the facilitations we offer and will offer through agreements of the 5thgeneration, we aspire to have a new generation more developed like the 5thgeneration we have developed and to which we added gas exploitation.

He said, “We are committed to our coming (product sharing) agreements, where we will not allow gas to be wastefully flared … we have great hopes in dealing with those who desire to invest.”

He pointed out that the many requests the ministry received for investment is one of the early indicators of success for the conference, especially as the majority of those bids are from companies with great industry experience.

“One of them has requested exploration for oil in five oil blocks simultaneously, which indicates the companies’ seriousness in investment in Yemen,” he added.

He said, “Most of the desired goals of the conference were achieved, and in many cases went much further.

“The diversity and multiplicity of the experiences, professionals, and companies brought together in the conference, and the qualitative scientific work papers presented in it represented a road map for us in the oil industry in Yemen, and an incentive for moving forward to more exploration and development in this sector.”