New Oil Wells [Archives:2000/43/Business & Economy]

Eng. Nabeel Saleh Al-Qawsi, chairman of Oil Exploration and Production at the Ministry of Oil stated that a number of oil wells had been discovered in Hadhramaut and Shabwa. Early production of a well in Hadhramaut reached 5000 barrels a day, he said. In Shabwa the first well produces 1400 barrels of crude oil and 70 million cubic feet of gas, while another one produces 100 barrels a day, he added.
About 120 wells will be dug in 2001.

IMF Delegate Concludes Visit to Yemen
Director of Mideast and North Africa Office at the IMF concluded a short visit to Yemen. During the visit he discussed with a number of Yemeni officials the
financial reforms and evaluation of the general policy included in the development and poverty eradication plan prepared by the government in cooperation with the WB and IMF.

Yemen Offers More Investment Opportunities in Oil
Yemen has offered three projects for sale and invited companies in the Emirates to invest in its oil sector.
A report by the Abu Dhabi Oil Exhibition and Conference stated that the Yemeni Oil Company would sell a project to study the sedimentary reservoirs in Yemen next month. The report added that the first phase of sea survey of south Mukalla up to Socotra island had been finished and that the area would be divided to be offered for companies interested in digging for oil.

Marine Wealth Investment Boosts
During the past decade investment projects in the field of marine wealth have amounted to YR 5 billion and 760 million plus 1,867,850,000 rials during this year. The Fourth Fish Project is considered one of the most important investment projects with a capital of US$ 39,800,000 funded by the Yemeni government, International Development Organization, IMF and the EU.

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