Saudi oil company ending presence in Yemen
Al-Nimer Petroleum Company has informed the Yemeni Ministry of Oil and Mineral Resources that it intends ending its presence in the Yemeni oil sector, and withdrawing from the country, reported the Yemen Times.
In response, the oil ministry informed the state owned Oil Investment Company that it would be required to take responsibility for Bloc 4 so that production does not come to a halt.
Al-Nimer has come under criticism from the oil ministry, which has complained that production by the company fell below the level of its Russian predecessor in bloc 4.
The company entered the Yemeni oil sector in 1992, investing about $ 400 million in bloc 4.
It also conducted an 18-month study regarding additional exploration work in blocs 4,16, 29 and 33, which would have cost $14 million had it proceeded. – (Albawaba-MEBG).