German Preussag to explore in Yemen

Jul 14, 1997 02:00 AM

June 24, 1997 Yemen has signed a MoU with Germany's Preussag oil company to explore for oil in sector s.2 in the governorate of Shabwa. The Yemeni Oil Ministry Under Secretary Rashid Barabba said the protocol was signed last month and that a final agreement would be introduced in August. According to the agreement, the German company would spend $12 million in exploration activities in the country. The MoU will be signed within weeks of another international oil company agreement for exploration in this sector. Barabba said Cal Vale, Trans Global Energy, Sargon, Karmaggy, and Qatar's Gulf Oil were vying for the concessions.
Yemen is producing 370,000 bpd of crude oil, including 190,000 bpd from the fields of Masila in Hadramout, 155,000 bpd from Maareb, and 25,000 bpd from the Jannah field in east Shabwa. Barabba said Jannah's production is expected to reach 70,000 bpd by the end of next year.
French oil company total will start to produce an additional 30,000 bpd of crude in September from Shabwa to increase the country's overall production to 420,000 bpd-450,000 bpd in the first half of next year.

Source: not available
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