Yemen plans to export around 75,000 barrels of oil per day by 2019


Yemen's oil minister hopes to boost the country's oil output to 110,000 barrels per day by 2019, with exports reaching about 75,000 bpd, Yemeni oil minister Aws Abdullah al-Oud said on Sunday.

The government of President Abd Rabbo Mansour Hadi controls the port city of Aden and the oil and gas fields, while the Houthi group, allied to Iran, controls the capital, Sanaa, and the oil port Ras Issa on the west coast.

"We will keep producing four regions and plan to build a pipeline to the Arabian Sea to resume exports from these areas," Awes told Reuters in an interview.

The war led to reduced energy production and closed a major port of export and pipeline. Yemen produced about 50,000 bpd in 2018, compared with an average of 127,000 bpd in 2014. Yemen exported some oil last year.

According to the US Energy Information Administration, Yemen's proven reserves amount to about 3 billion barrels. Yemen also wants to resume production of liquefied natural gas (LNG), which was halted as a result of the war, the minister said.

"The country has been affected by the war over the last three years, but things are starting to return to normal," he said, hoping 2019 would be a good year for Yemen. He predicted LNG production in 2019 to 6.7 million tons, with the possibility of exporting half of that amount.

"By 2020, we expect to export all of our LNG production, especially to customers in Asia," he said, adding that companies such as Total, North American Hunt Oil and Korean companies manage the LNG project.

The Yen Central Bank announced by the end of 2018 that oil revenues had fallen to $ 900 million by 2017, compared with $ 2.661 billion in 2013.

Oil is the main driver of Yemen's economy, accounting for 70% of budget resources, 63% of exports and 30% of GDP, and its revenues account for a large proportion of foreign currency resources.

(Reuters, the new Arab)


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