TOTAL SENIOR OFFICIAL DUE IN YEMEN

SANA’A, June 03 (Saba)- The Chief Executive Officer of Total Exploration and Production Christophe de Margerie will pay a few-day visit to Yemen in the coming days.

Citing well-informed sources, the state-run 26september weekly said on Thursday that Margerie will hold talks with senior Yemeni officials on means of strengthening cooperation with the French company in the oil and gas sectors and its future prospects in light of the success of the Total-run project of Yemen LNG.

In April, Total announced that the second train of the Yemen LNG natural gas liquefaction plant has started production. Combined with liquefied natural gas (LNG) production from the first train, commissioned in October 2009, it will enable the Yemen LNG plant to reach its full capacity.

The US$4.5 billion Yemen LNG project is the country’s largest-ever capital investment by far. With the startup of the second train, total production capacity reaches 6.7 million tons of LNG per year, equal to a hundred cargos to be delivered each year over 25 years.

Since the start-up of the first train in 2009, 18 cargos have already been delivered to South Korea, the United States, China, Spain and Mexico.

Total is the main shareholder in Yemen LNG, with an interest of 39.62 per cent, alongside state-owned Yemen Gas Company (16.73%), Hunt Oil Company (17.22%), SK Energy (9.55%), Korea Gas Corporation (6%), Hyundai Corporation (5.88%) and Yemen’s General Authority for Social Security and Pensions (5%).

Total has been present in Yemen since 1987. The current production operated by the Group amounts to 62,000 barrels of oil equivalent per day. Total holds interests in the two main oil basins, as the operator on Block 10 (Masila Basin, East Shabwa permit, 28.57%) and as a partner on Block 5 (Marib Basin, Jannah permit, 15%).

Total strengthened its position in onshore exploration through the acquisition of a 30.9% interest in Block 70 in 2008 following the purchase of a 40% share in Blocks 69 and 71 in 2007.

YA