ID :
142106
Wed, 09/15/2010 - 02:28
Auther :
Shortlink :
http://m.oananews.org//node/142106
The shortlink copeid
Yemen looks to relaunch bid round
SANA'A, Sep. 13 (Saba)- Yemen is planning to
relaunch its 2008 offshore licensing round in the hope of restarting exploration in
the country,
Upstream newspaper has reported.
The paper quoted Oil Minister Amir al-Aidarous as saying that the Ministry was
expected to unveil the round involving 15 blocks during a two-day conference to be
held in
Sana'a next October.
Yemen aims to offer the rights to develop 15 offshore hydrocarbon blocks next month
as the smallest producer on the Arabian Peninsula seeks to boost its production.
"Expanding exploration is one of the priorities of the government", Aidarous said
in an interview with the Upstream newspaper.
Yemen suspended its high- profile offshore international licensing round in 2008,
citing lack of seismic data and tepid interest from investors.
The Oil Ministry of Yemen had pre- qualified 25 international companies, including
US supermajor ExxonMobil, French giant Total and Norway's Statoil, for the
ill-fated offshore
bid round containing blocks in the deep and ultra-deep waters of the Gulf of Aden
and the Red Sea.
Bidders decided not to compete as the oil market collapsed in the wake of the
global economic crisis.
Upstream said that the suspension was a serious blow to Yemen's efforts to breathe
new life into exploration at a time of falling production from its ageing fields.
The country's oil output has been steadily declining in recent years and has now
plunged below 300,000 barrels per day.
Yemen is pinning its hopes on the offshore sector for new oil and gas finds as its
onshore fields have matured and some are nearing the end of their productive lives.
Aidarous said limited exploration activity over the last 10 years had caused
Yemen's oil production to drop but there are still discoveries to be made.
"There is a decline not because of the non-availability of oil, but because of the
absence of an exploration vision," said Aidarous.
Yemen, which relies on oil for 75 percent of its income, is looking to attract
foreign expertise to revive falling production.
The country's crude output declined to 288,000 barrels a day last year from as much
as 440,000 barrels a day in 2001.
YA
relaunch its 2008 offshore licensing round in the hope of restarting exploration in
the country,
Upstream newspaper has reported.
The paper quoted Oil Minister Amir al-Aidarous as saying that the Ministry was
expected to unveil the round involving 15 blocks during a two-day conference to be
held in
Sana'a next October.
Yemen aims to offer the rights to develop 15 offshore hydrocarbon blocks next month
as the smallest producer on the Arabian Peninsula seeks to boost its production.
"Expanding exploration is one of the priorities of the government", Aidarous said
in an interview with the Upstream newspaper.
Yemen suspended its high- profile offshore international licensing round in 2008,
citing lack of seismic data and tepid interest from investors.
The Oil Ministry of Yemen had pre- qualified 25 international companies, including
US supermajor ExxonMobil, French giant Total and Norway's Statoil, for the
ill-fated offshore
bid round containing blocks in the deep and ultra-deep waters of the Gulf of Aden
and the Red Sea.
Bidders decided not to compete as the oil market collapsed in the wake of the
global economic crisis.
Upstream said that the suspension was a serious blow to Yemen's efforts to breathe
new life into exploration at a time of falling production from its ageing fields.
The country's oil output has been steadily declining in recent years and has now
plunged below 300,000 barrels per day.
Yemen is pinning its hopes on the offshore sector for new oil and gas finds as its
onshore fields have matured and some are nearing the end of their productive lives.
Aidarous said limited exploration activity over the last 10 years had caused
Yemen's oil production to drop but there are still discoveries to be made.
"There is a decline not because of the non-availability of oil, but because of the
absence of an exploration vision," said Aidarous.
Yemen, which relies on oil for 75 percent of its income, is looking to attract
foreign expertise to revive falling production.
The country's crude output declined to 288,000 barrels a day last year from as much
as 440,000 barrels a day in 2001.
YA
