Yemen has announced that it has allowed 18 international oil companies to bid for its 20 onshore and offshore blocks in its sixth auction
Ahmed Dares, Yemen's oil minister, said “Forty-five foreign firms had presented applications to bid for the blocks, of which nine are onshore and 11 offshore.
“Of the 45, only 18 have qualified to bid.”
According to Dares, the auction aims to increase Yemen’s oil and gas output through foreign investment.
The 18 firms include Hunt Oil and Gas, Norway’s DNO, Ireland’s Circle Oil, Kuwait Foreign Petroleum Exploration Company (Kufpec), Pakistan Oilfields and Dana Gas.
Oil reserves and production are mainly sourced from two areas — Marib-Jawf Basin in the north and Say’un-Masila Basin in the south.
Yemen’s oil revenues reportedly make up more than 70 per cent of the state budget, while oil and gas products account for over 90 per cent of Yemen’s exports.
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