Oct 19 2005 |
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Yemen to Re-assign Concession Deal to Safir Petroleum
Beirut (APD) - Yemen has decided to hand over the operation of the Marib-Jawf oil field to the Sanaa'-based Safir Company for Petroleum Exploration after the end of the production-sharing agreement (PSA) with Yemen Hunt Oil Company , effective on November 15, the Yemen's news agency, SABA, reported Wednesday.According to press reports, the Yemeni Minister of Oil and Minerals Rashid Salih Baraba'a has agreed to abide by parliament's decision to cancel the PSA with Hunt and to seek better options with other operators for the concession.
Hunt is the operator with a 37% interest in the 100,000 b/d Marib-Jawf concession in Yemen's Block 18, together with a consortium consisting of Exxon (38%) and South Korea's SK (25%). The initial PSA with Hunt for a six-year period was signed in September 1981 and oil was discovered in July 1984.
Yemen is a small, non-OPEC oil producer. According to Oil and Gas Journal, the country contains proven crude oil reserves of 4 billion barrels (2004 estimates). In 2004, Yemen's crude oil output averaged 417,500 b/d.
Since the beginning of 2004, Yemen has stepped up its exploration activities with three international bid rounds offering a total of 26 blocks, in an effort to stem the decline in the country's oil production.
Oil revenues represent around 90% of export revenues and 70% of budget revenues. Against this back-drop, the IMF has urged the country to diversify, while many in the government are pinning their hopes on the Yemen Liquefied natural gas ( YLNG ) project which finally received the go-ahead in August 2005. [NI-FC]
© APD (Arab Press Digest) 2005
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