Business

Oil Minister Welcomes British Oil Investment

National Yemen

oil minister meets british ambassador

By NY

Minister of Oil and Minerals Khalid M. Bahah praised British investment, and communicated the seriousness of the government by improving the environment investment in the oil sector, during a meeting with British ambassador Jane Marriot.

“Security and stability are the first priority for attracting new companies and foreigner capitals.”

The Oil and Gas Minister discussed new plans for multinational companies, particularly British ones, to take advantage of oil concessions and mineral investment opportunities. Bahah also met with Oil Search executive Murray Hawkes.

Oil Search has an interest in Block 7, which is in al-Baraqa. It operates 34% of Block 7, and its activities follow the sale of Block 3 (Gardan) to Total S.A. of France in March 2012.

In 2010, al-Meashar-1 in Block 7 discovered oil in a fractured basement reservoir. This was appraised in late 2010 and early 2011 by al-Meashar-2. The wells have been suspended pending further evaluation.

Block 7 has been in gripped by instability since mid-2011 due to the Arab Spring. During 2013, the Yemeni government granted the joint venture a 12-month extension of its license until June 2014. Preparations for a regional airborne geological survey are planned to begin in early 2014.

Oil Search has an interest in Block 7, Al Barqa (34%, Operator) in Yemen.  This follows the sale of Block 3 (Gardan) (40%) in March 2012 to Total S.A. of France. 

In 2010, Al Meashar-1 in Block 7 discovered oil in the fractured basement reservoir.  The Al Meashar discovery was appraised in late 2010/early 2011 by the Al Meashar-2 well.  The wells have been suspended for further evaluation.

Block 7 has been in force majeure since mid-2011 due to the ‘Arab Spring” uprising. During 2013, the Yemeni Government granted the Joint Venture a 12 month extension of the licence until June 2014. Preparations for a regional airborne geophysical survey were ongoing at the end of 2013, with mobilisation planned for early 2014.

Bahah and Ambassador Marriot praised continued British-Yemeni cooperation, and vocalized their optimism for Yemen’s post-revolutionary future.

1 Comment

  • It's good to hear that improvements are made to get the oil exploatation to higher level by protecting the environment and attracting new capital. Good job !