Yemen Discovers New Oil Well with 16,150 bpd Capacity
Yemen's Oil Minister Mohammad al-Khadem al-Wajih said Wednesday that a new oil well had been discovered in the eastern province of Hadramut with an estimated production capacity of 16,150 barrels per day (bpd).
The discovery follows the coming on stream of another oil field last month with an initial capacity of 5,000 bpd, boosting the country's total output to 480,000 bpd.
The exact capacity figures of these "promising" discoveries, made in cooperation with a British company, "are to be made public in early 2001", Wajih said in a statement.
In July, Wajih said oil revenues should reach 1.4 billion dollars this year, up 40 percent on 1999.
Yemen, which is not a member of the Organization of Oil Exporting Countries, plans to boost its output to nearly 700,000 bpd. One of the world's least developed countries, its total reserves are estimated at 4.6 billion barrels – SANAA (AFP)
© 2000 Al Bawaba (www.albawaba.com)