Yemen was granted full Energy Charter observership rights on 3 November 2014, when the acting Prime Minister of the Republic of Yemen H.E. Dr. Abdullah Mohsen Al-Akwa signed the 1991 Energy Charter the political declaration at the heart of the Energy Charter Process. An observer by invitation since 2012, Yemen became the 66th Charter signatory, following the signing by Mauritania and Palestine earlier in 2014. During his visit to the Energy Charter Secretariat, Prime Minister Al-Akwa confirmed to Secretary General Rusnák that Yemen was committed to becoming a Contracting Party to the Energy Charter Treaty and that the accession reports would be prepared in 2015 with the view to accede to the Treaty in early 2016.
Yemen’s proven oil reserves total 3 bln barrels as of January 2014. IMF figures show that 63% of government revenues came from the hydrocarbons sector in 2010-2012, and that hydrocarbons accounted for 89% of total export revenues. Yemen, as a member of the Extractive Industries Transparency Initiative, reported in July 2013 that government revenues from the oil and natural gas sector in 2011 exceeded USD 5 bln.
Yemen’s proven natural gas reserves presently total 16.9 tcf. The startup of the Yemen LNG facility in 2009 gave the country the ability to export natural gas for the first time. In 2013, Yemen produced 365 bcf of natural gas.