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Oil Production in Yemen by end of 1998
By the end of 1998, it is expected that the total oil production in Yemen shall amount half a million barrels of daily produce. This is based on the availability of the new facilities and officially-facilitated economic terms offered to the operating companies, one of which were the reduction of the years for recovery of the cost of investments attributed to the concerning operator, or, firm working in Yemen.
Due to the state of multi-nationalism featuring these companies, a number of individual agreements, or contracts of oil production's participation were signed lately in Sana'a. These include the exploration and discovery processes which to operate in regions been pre-divided into fields and sectors of figurative identification and registering numbers. The participation of all the firms is taking place with the "Yemeni Public Company For Oil and Gas", which preserves for itself estimated "Percentage shares" being evaluated in compliance with the "Understanding Memorandums" duly signed by the two parties.
The oil produce is participated by 23 foreign firms till now, but there are increasing number of firms awaiting provisions of new exploration locations which to occur upon their completion of dialogues between each firm and the Yemeni Government.
In a report by Qatar News Agency, it was stated that the production volume shall reach, by the end of the first quarter of 1998, 420,000 bpd, while the pre-estimated level of reserves shall increase by the quantity 1,39 billion barrels. Moreover, there would be an increase in the level of natural gas by approximately 450 billion cubic meters.
Source: "The Economic" journal of Saba News Agency No.101 dated 15/1/98