New oil agreements on the table [Archives:2006/974/Local News]

August 21 2006

SANA'A, Aug. 19 ) The Ministry of Oil and Minerals will sign new oil agreements for 14 oil blocks in November, said Khaled Bahah Minister of Oil and Minerals in a symposium held Monday on the present and future of oil.

Bahah said new oil fields will start production soon. Also, they aim to improve the institutional work at the ministry with their 14,000 employees.

Ahmed Abdellah, head of Oil Exploration and Production Authority (OEPA), made it clear that oil exploration phases before the Reunification saw failures as some companies couldn't understand the closing of topography lands. But the present phase, he added, is improving and seems promising as there is understanding for the geological, scientific and administrative concepts.

“The present phase focuses on oil explorations on qualitative and quantitative basis that would lead to new explorations and increase oil and gas reserves,” Abdellah noted.

Other participants presented papers that dealt with producing and marketing oil and mineral wealth.

There are currently 26 oil exploration blocks, of which 12 are for production and 22 international companies working in Yemen on 51 oil-producing fields. There are 421 exploratory oil wells, and 1403 developed wells.