Yemen Jan-Apr share of oil revenues $905 mil, up 148 per cent on year

SANA'A, June
10 (Saba) - The Central Bank of Yemen has said that the government's share of oil
revenues
for the year to the end of April totaled US$905.01 million an increase of 148 per
cent increase on the US$365.05 million for the same period of 2009. The bank added
that
the government share of January-April oil exports amounted to 11.42 million barrels
at an average sales price of US$79.24/b. This compared with 8.1 million barrels at
an
average price of US$45.06/b for the first four months of 2009. The CBY also said
domestic consumption to the end of April was 6.71 million barrels, down 25 per cent
on the
8.94 million barrels in 2009. For April alone, the bank said the government's share
of revenues from oil exports was US$239.7 million, from the sale of 2.85 million
barrels
of oil at an average pride of US$84.10/b. Yemen relies on the oil sector for 70 per
cent of its general budget resources. The sector accounts for 92 per cent of exports
and
30 per cent of GDP. Current oil production is 300,000-350,000 b/d from 12 oil
fields, down from a peak of more than 420,000 b/d in 2002. Last September, Yemen's
petroleum
exploration and production authority said that the country was evaluating nine new
oil discoveries on seven fields and that it expected new oil discoveries in 42 other
oil
sectors in 2010-15. PEPA estimated Yemen's current oil reserves at 10.9 billion
barrels, with gas reserves at 18.2 Tcf. YA