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FINANCIAL NEWS
Yemen floats five oil blocks for exploration
17 Sep 2012
(MENAFN) Yemen has floated a tender for exploration and development concessions in five oil blocks around the country, Reuters reported.
State news agency Saba cited oil and minerals minister Ahmed Dares as saying blocks on offer are 6, 15, 84, 85 and 102, which are located in the al-Saba’ateen basin, the Say’un-Masila basin, and the basin of Mukalla-Sayhoot.
He added that the government has put boosting oil output and reserves through expanding exploration blocks as top priority.
Yemen is a small producer with proven oil reserves of around 3 billion barrels as of Jan. 1, 2012, according to the US Energy Information Administration (EIA).
The poorest Arab country is struggling to tame insurgency and rebuild its economy after years of conflict.
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