1,000,000,000 Barrels So Far [Archives:1998/45/Front Page]

November 9 1998

Last week, Yemen’s total oil production topped one billion barrels. Since Yemen Hunt Oil Company started pumping in 1986, the company has produced until November 6th, some 660,000,000 barrels of oil. Canadian Occidental Petroleum Yemen has similarly produced another 322,000,000 barrels. 
In terms of revenue, if the Yemeni Government netted an average of US$ 10 per barrel, which is a low estimate for the period until 1996, that means a total income of US$ 10,000,000,000.00. 
While most Yemenis think the oil age has yet to dawn, oil production is falling.    Eritrean Leader Asks Yemen to Mediate in Ethio-Eritrean Dispute: