A major international oil company sells its oil and gas assets in Yemen

English - Thursday 30 June 2022 الساعة 03:46 pm
Special translation, NewsYemen:

The Austrian oil company (OMV) confirmed that it intends to sell its assets of crude oil and liquefied natural gas in Yemen.

The company said in a press statement on Wednesday that it is working to reduce its activities in the oil field, "We can confirm that we are selling our assets in Yemen."

OMV, based in Vienna, is the only large international oil company still operating in Yemen, and its production of oil and liquefied natural gas decreased by 15% in 2021 to 1.1 million barrels, according to its annual report for 2021.

The company explained, "At a time when the security situation in Yemen continues to pose significant challenges, we were able to complete the maintenance campaign in Block S2 and operate two power generation units for the central processing facility in the fourth quarter of 2021."

According to the US Energy Information Administration, Yemen has proven hydrocarbon reserves of about 3 billion barrels of crude oil, and 17 trillion cubic feet of gas.