In order to resolve the fuel crisis in Yemen, the new Oil and Mineral Minister, Eng. Hisham Sharaf, met with OMV, Kuwait Energy and Callvalley that operate in different areas within the Ramlat Al-Sabatain Basin.
The meeting was organized specifically so that the Oil and Mineral Minister could begin negotiations for the three companies to resume operations within the country.
This past May, the three oil companies evacuated their expats and moved their operations and headquarters to Dubai, severely hurting Yemen’s oil industry. However, given the recent trend of events, officials from each of the respective companies expressed their readiness to return and create necessary jobs for the fledgling economy.
Mr. Sharaf has expressed the Yemeni government’s willingness to create new investment opportunities in Yemen for international and regional companies in the oil, gas and mineral sectors. Interestingly, these comments have come shortly after Canadien Nexen, a Canadian-based oil company lost its drilling rights to Block 14 – one of the more lucrative drilling blocks in Yemen.
Mr. Sharaf was appointed to his position this December as a result of the protests against former President Saleh. Despite his appointment, Yemen still suffers from fuel shortages despite promises made by Gulf states to support the country throughout the present crisis.