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FINANCIAL NEWS
Total to invest $32 million in Yemen
13 Feb 2010
(MENAFN) The Yemeni government said that it has signed a preliminary deal with France’s Total for oil exploration in its southeast for an investment of $32 million, Saba reported.
Yemen’s state news agency said Total will invest $32 million in two stages in oil exploration in sector 85 of Yemen’s Shabwa province, and will dig at least four exploratory wells.
Total is already operating in Yemen, a small oil producer with output of around 300,000 barrels per day.
A $4.5 billion Total-led liquefied natural gas (LNG) plant in Yemen started production in October, with a 322-kilometer pipeline linking gas fields in Maarib, east of Sana’a, to the coast.
Yemen relies on oil revenues for 70-75 percent of public revenue and over 90 percent of export earnings.
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