Yemen’s Oil Minister, Rashid Saleh Barbaa, expects Yemeni gas producers to explore the possibility of new export markets, especially in the U.S., over the course of the next two years. According to the London based Al-Hayat daily, Barbaa added that Yemen is presently conducting negotiations with an Indian company to export gas to India. He also stated that the contacts are expected to last a long time, since global gas markets are currently characterized by a surplus of producers.
New oil fields were recently discovered in Yemen’s Hadramout and Shabwa regions. These new discoveries are expected to increase Yemeni oil production capabilities to 470,000 barrels per day by the end of 2001. —(MENA Report)
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