Business

Calvalley resumes Yemen work

National Yemen

Calvalley Yemen Project

BY NY Staff

Production Shares of Calvalley Petroleum Inc. closed up 15 per cent on Wednesday, after the Calgary Company resumed operations in Yemen’s largest oilfield, where a strike had virtually ground oil export from the country to a halt.

Calvalley previously said production would suffer at the 7,000 barrel-per-day Block 9, where it has a 50 per cent working interest. Production is now returning to normal in its two oilfields, trucking of crude for export had resumed Tuesday morning and the firm plans to resume drilling in the next few weeks, the company said.

Calvalley is optimistic the political situation is starting to stabilize, said Zacharie Magnan, vice-president of finance.