Business

Attacks must stop to help dwindling oil industry

National Yemen

Attacks must stop to help dwindling oil industry

By NY Staff

Oil and gas pipelines have been the number one target for tribesman and Islamic militants. The Marib oil pipeline was blown up on Saturday and Sunday, near the borders of the Khawlan tribes. The attacks caused the internal suspension of crude oil flow from Marib to the Safer ship at the Ras Isa’a port. Yemen’s oil and gas infrastructure has been repeatedly sabotaged by insurgents or tribesmen since the 2011 revolution, causing fuel shortages and slashing exports a midst uncertainty about future supply.

The Ministry of Oil and Minerals is striving to new energy investors. Newly appointed Minister Khalid M. Bahah has met with the managing director of OMV-Yemen (E&P GmbH) Wolfgang Stock. Bahah was happy to hear about the company’s progress towards establishing and protecting pipelines that will be linked to the Safer pipeline that terminates at the Red Sea. This is crucial, as oil is declining from both Marib al-Jawaf basin and also in al-Masila. 

Yemen is constrained from new drilling by its own financial funds, employment problems and also the security and contractual terms of international companies like DNO  TOTAL Yemen.

Deputy Oil Minister Ahmed Ba-Suraih is attending the international gas conference in Seoul for two days, and looks forward to promote Yemeni oil and gas opportunities at the conference. Ba-Suraih is also expected to meet with South Korean companies and local energy buyer Kogas.