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FINANCIAL NEWS
Yemen’s oil reserves estimated at 11.9b barrels
20 Oct 2010
(MENAFN) Yemen’s Petroleum Exploration and Production Authority said that the country’s oil reserves are estimated at 11.9 billion barrels of oil, a dramatic jump from earlier estimates, Reuters reported.
The government agency said a new study had estimated Yemen’s reserves, indicating the country’s oil industry requires more investment.
Nasr al-Humaidi, the head of the agency, said that using updated technology would likely increase the estimate further.
The US Central Intelligence Agency had listed Yemen’s proven reserves at 3.3 billion in January 2009.
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