Yemen's Oil Output to Reach 500,000 bpd in 2001

Published June 23rd, 2000 - 02:00 GMT

Yemen's oil production will reach 500,000 barrels per day (bpd) in 2001 after work is finished on developing wells and several new oil fields go on stream, a senior oil official told Al-Hayat newspaper Friday. 

"Yemen foresees an increase in oil production following development works on certain wells and discoveries of several new oil fields in the country," said Nabil al-Koussi, head of the oil ministry's exploration department. 

"Yemen's current production is almost 441,000 bpd and will top 500,000 bpd in the course of the next year" after a recently-discovered oil field in the province of Shabwa, 380 kilometers east of Sanaa goes on line, Koussi said. 

Yemen, which is not a member of the Organization of Petroleum Exporting Countries, has stepped up its exploration and production sharing agreements with a number of foreign firms to raise its expected output. 

Yemen's oil revenues hit one billion dollars in 1999, double the figure of 1998, thanks to a dramatic recovery in world oil prices, the oil ministry said in February. 

Although one of the poorest countries in the world, Yemen has oil reserves estimated at 4.6 billion barrels and an estimated 420 billion cubic meters in gas - SANAA (AFP) 

© 2000 Al Bawaba (www.albawaba.com)

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