BY NY Staff
Chairman of the Petroleum Exploration and Production Authority Nasser al-Humaidi announced that Yemen-owned sedimentary oil basins contain large reservoirs of oil and gas. In his remarks, Al-Humaidi noted that Yemen produces a relatively small quantity of oil, with an average of 280-300 thousand barrels produced per day, with historical output reaching 400,000 bpd in past years.
Seventy percent of the country’s budget depends on oil, and more than 40 oil companies applied for permission to explore oil in the new oil blocks. Studies indicate new sources of oil and gas in numerous areas of the country, though primarily in the empty quarter, Gulf of Aden and the coastal sea.
Al-Humaidi said Yemen is still a young country in the exploration of its oil, gas, and minerals. The PEPA is selecting the winning companies for the recently discovered 20 new oil blocks.
Al-Humaid concluded his statement with a presentation of the new government road map for creating a national firm to organize oil and gas exploration and production in order to establish standards for the Yemeni oil industry.