Business

The huge investment in oil leads to new oil block discoveries

National Yemen

investment in oil leads to new oil block discoveries

By the editor

Minister of Oil and Minerals Khalid M. Mahfouad  Bahah has spoken about the ministry’s polices at the opening of the second meeting of the Petroleum Exploration and  Production Authority  (PEPA).

“The development of the oil sector will open up a new horizons on Yemen based on a clear process and good management for the oil wealth,” said the minister.  Restructuring will achieve the maximum goals of the new area within the lawful channels,

The second annual meeting for the PEPA began yesterday and will last for two days under the slogan “toward a real, modern, and active partnership for operating the oil sector in Yemen.” 

Bahah, has discussed the  first priority plan for the coming phase to be developing the commercial agreements of gas in a fair manner, protecting the government’s rights, and granting investors a great opportunity to build up reliable partnership for all parties.

 “The Ministry of Oil and Minerals scored a good process in the negotiation process with partners.”

There are positive results which will be announced that it will reflects  the National Dialogue outcomes. Bahah emphasized that Yemen has many advantages. 

“The big investment in the oil fields reveals great potential.” 

Bahah cited that the seismic geophysics survey is going on with drilling and in-depth explorations. Data and geological structure of the sedimentary basins shows a great potential for the future, despite current declines in both Masila and Marib-al-Jaouf basin.

The minister focused on his vision for developing the mechanism of oil industry as key for success in expansion based on a transparent initiative of the extractive industries.  He highlighted national petroleum. The project was generated by SAFER and Petro Masila, and it should grow with new oil blocks in the future along with government shares. 

“This is a big potential for Yemen.“

Engineer Nasser al-Humaidi, chairman of PEPA, said that PEPA will carry on achieving its goals and strategic missions to prove its success.

”Through the past two and half decades, PEPA has made strong gains, and we are encouraged that the experience will continue towards a bright future.”

The meeting will discuss, in two days, technical and practical issues like drilling, exploration, reservoirs, environment, material observation, oil operations  and future opportunities.