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Yemen opportunity

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While Calvalley management can't seem to find their way from Monday to Tuesday the rest of the world is eyeing the Yemen oil opportunity  (recent stories from Yemen)

 

BUSINESS
Last updated: 10:38:36 PM GMT(+03) Tuesday, 29, January, 2013
Yemen asks Total Group to move faster
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Yemen Post Staff  Yemen President Abdo Rabbo Mansour Hadi met with Arnaud Bruyak, Chairman of the Middle East division for Total Group on Tuesday to discuss officials said the oil companies current interests and projects in Yemen. Total which is Yemen's biggest oil and gas foreign investor so far operate several blocks in Yemen -- block 5 and 10 among others -- However, while block 5 and 10 are fully operational, producing almost to full capacity, other projects are still at "the exploration stage" and therefore not viable yet in terms of financial returns. This is what President Hadi sought to address today. He pressed on the French delegation to actively move the exploration process forward as to begin production as to meet Yemen's increasing needs for cash. Tribal militants and al-Qaeda operatives in the provinces of Marib and Shabwa -- home to much of Yemen's oil operations -- have since 2011 targeting oil pipes and foreign companies in a bid to blackmail the government into agreeing to their demands. This profoundly disrupting Yemen's ability to maintain a steady production and according to officials at the Oil and Minerals Minister cost millions of dollars in lost revenues. With a $3.2 billion deficit for 2013, President Hadi is trying to close the gap and free revenues earmarked for development projects throughout the nation. President Hadi is said to have discussed the possibility of further oil concessions in Yemen with Arnaud Bruyak which would place France well ahead of its competitors in Yemen.

 

LOCAL
Last updated: 06:50:56 PM GMT(+03) Saturday, 19, January, 2013
Yemen might be sitting on an oil mine
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Yemen Post Staff  Dubbed a failed state by its neighbors, Yemen is the Gulf poorest cousin, with over 40% of its population living under the poverty line, hundreds of thousands of IDPs - Internally Displaced People - and an arm per people ratio to send shivers down the spine of any good Texan. Already on the verge of economic collapse before 2011 uprising, Yemen was literally brough down to its knees by the Arab Spring movement; forced to seek solace in its allies' generosity. With several millions of oil and gas barrels tagged for export to its name, Yemen one would think should be like its rich neighbors, laughing in the face of world recession and cashing out on its underground riches. However, decades of corruption and mis-management prevented the country from benefiting of such valuable resources. Interestingly the former regime, led by deposed President Ali Abdullah Saleh and more recently the transition government in the person of former Oil Minister Hisham Sharaf went on the record, pinning Yemen's economic hues on its dwindling natural resources, warning that within a decade or so the country's wells would be all but dried out. Several specialists have often refuted such statements, maps and reports in hand, claiming the government was only trying to hide Yemen's remarkable oil and gas resources as such a discovery could eclipse Saudi Arabia as the world biggest oil exporter with an average production of 10 millions barrels per day. Numerous Yemeni journalist claim to have heard Sky News - British-based television channel - report that Yemen directly sits on the world largest oil reserve, with a pocket stretching from Yemen northern territories up to its border with Saudi Arabia and a depth approaching 1800 meters.   If indeed Yemen was to hide in its belly such untapped riches one can only speculate on what foreign powers would be willing to do to guarantee access, especially in the light of Iran's oil embargo and the West ever growing need for cheap and reliable energy.

 

Last updated: 12:45:35 AM GMT(+03) Saturday, 22, December, 2012
17 Companies Bid for Yemen Oil Blocks, Report
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Yemen Post Staff  Yemen's oil minister, Ahmed Daris, said on Saturday that 17 oil firms have submitted their bids for the five blocks which the country put on offer earlier this year, Saba reported. There are more oil firms which have offered to invest in Yemen's oil onshore and offshore blocks as well as minerals and refineries, it quoted the minister as saying at an event on the first year since PetroMasila took over Block 14 from Nexen in Hadramout province. The bids mean Yemen has already started to leave its crisis that started last year, Daris said. At the ceremony, the executive director of Masila petroleum exploration and production company PetroMasila Mohammed bin Someit said the company has worked hard to reduce the production at Block 14 through improving all operations, mainly drilling. The operations manager at the company Mohammed bin Nabhan said the company has accomplished its goals this year despite challenges, with a focus on future exploration and drilling operations. "The company has increased production by 1.5 million barrels, a figure that hit expectations," he was quoted as saying. In a previous statement, Sumeit said PetroMasila drilled the third well Suna 77 and started production at the oilfield 10 Dhahban. Block 14 increased production this year to 45.000 b/d this year, he said.

 

Last updated: 12:32:55 AM GMT(+03) Wednesday, 23, January, 2013
Foreign Firms Eye Opportunities to Invest in Yemen Energy Sector
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Yemen Post Staff  Vitol revealed on Wednesday it is eying energy investments in Yemen coinciding with statements by a number of foreign ambassadors that big oil firms plan to come here as part of their countries’ plans to widen the trade relations with the country.  The country’s mouthpiece Saba quoted a statement by Bob Finch, Vitol’s head of coal trading, at his meeting with President Abdrabu Mansour Hadi as saying his visit came to express the desire of the London-based company to have partnership and investments in Yemen.  “I got acquainted with the new situation in Yemen and the most important information about the energy sector and all that is encouraging us to invest in this country’s energy sector,” he said.  “Vitol’s revenues reached $300 billion last year which made it the largest company trading in oil derivatives in the world,” Finch was quoted as adding.  At the meeting, President Hadi pointed to Yemen’s large potential saying the country has promising oil and gas fields.  The agency also reported that Ahmed Daris, the oil and minerals minister, met separately with with the ambassadors of China, India and Turkey. The ambassadors affirmed petroleum companies are eying investments in the Yemeni oil and gas sector.  Turkish envoy, Fadhli Chorman, said Turkish energy and natural resources minister is due in Yemen soon and that delegations from Turkish oil firms will accompany him on a visit that will focus on ways to forge the bilateral economic links.