Number of Oil Fields Increase to 63 [Archives:2000/31/Local News]

July 31 2000

In a press conference held last Tuesday, Minister of oil and mineral wealth indicated that after signing the borders treaty between Yemen and Saudi Arabia a new oil map was drawn in which four oil fields were added in the 30,000 sq km northern area. By this the number of oil fields has increased to 63.
He declared that after signing the treaty many companies are sending offers to the ministry to obtain excavation concessions, while they used to turn down proposals when they were asked to do so, adding that the ministry will choose the best tender submitted.
“The ministry will draw up plans to make a mutual use of the fields located along the borderline. Late in August Western US Geo-physical Company will conduct seismic surveys in the first stage in the Arab Sea along Hadramout and Al-Mahrah shore up to Sukatrah over 80 thousand km2. In the second stage, the company will conduct the survey on the marine areas from Aden shore to Abyan and Shabwah. If the survey’s results are positive, the area will be divided into blocks.
The overall production in the five fields is 492 thousand barrels per day and that there will be 30 thousand barrels which will be produced by the end of this year.
About metals he said that some companies had discovered gold, nickel, platinum in the country and that evaluations are made in order to announce reserves. In this context, the ministry will send representatives to South Africa to have an idea about agreements signed with companies on such occasions, the Minister added. Contracts with companies are expected to commence from the mid of next year.
On the subject of Aden refinery he pointed out that a thorough plan for its development had been outlined. The plan will be presented to the cabinet next month, he said.
He added that oil income raised to US$ 910 million in this year in comparison with US$ 495 million last year.