2nd Int. Conference for Oil & Gas: Stepping-stone to success [Archives:2002/27/Business & Economy]

BY YASER AL-MAYYASI
RIDHWAN AL-SAQQAF
YEMEN TIMES STAFF
Under the patronage of President Ali Abdullah Saleh, the second International Conference for Oil & Gas (SICOG) was held from June 24-25 under the motto Towards Promising Investment Prospects. More than 300 delegations representing different Arab countries as well international companies took part in the conference.
The SICOG had successful results. A new road was paved towards investment opportunities in the field of oil and gas. A new initiative aimed to attract more investment capital in the field of oil and gas exploration and marketing was made.
The conference was organized by the Ministry of Oil and Minerals and inaugurated by the PM, Dr. Abdulqader Bajammal. The PM stressed that oil could enhance the economic and social conditions of any country.
A number of working papers were discussed during the conference; they covered oil discoveries, production processes (refining, natural liquefied gas) and the petrochemical industry.
More than 40 working papers were discussed during the 2-day conference. Working papers were focused towards the preparation of a way for investment opportunities in the different oil sectors of Yemen. These studies factored in that all legal facilities pertaining to the oil sector are guaranteed by the Yemeni government.
The Republic of Yemen has sought and will continue to seek investment capital for the oil and gas sector from other countries. Facilities have been made accessible to both Arab and foreign investors.
Geophysical and Geological analysis suggest that Yemen has huge potential in the oil and gas industry. The governments work in the exploration of oil and gas fields is a result of strenuous efforts to move forward using up-to-date methods in the petrochemical industries. The SICOG is a continuation from the first Oil and Gas Conference which was held in 1998.
It is also worth mentioning that there is healthy competition in the field of oil and gas exploration. Twenty-four oil companies have been operating in 37 oil blocks another 33 oil blocks are open for investors to invest.
Oil production and exploration in Yemen seems to have just begun. The SICOG has continued a positive momentum in the development of this sector by holding this conference and bringing together the industry.


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