Yemen says new block to start oil production soon

SANA'A, March 21 (Saba) - Yemen's Petroleum Exploration and Production Authority (PEPA) said on Monday a new oil exploration
field has been entered into service that will start oil production soon at the block 47 south of Hood in Sayoon city, Hadramout. Nasr al Humaidi, head of the authority, told
Saba PEPA has already announced the commercial of the block 47 operated by the Norwegian company DNO which said the oil reserve at the block was estimated at 26 million barrels
and the figure could rise. The preliminary production will reach 10000 barrels a day and will increase later when more facilities are built and after the development of the
block, he said, adding that the production blocks in the country are now 13 blocks. The commercial came as the Ministry of Oil and Minerals plans to boost oil exploration
through including new areas within the development zones and maintaining the daily oil production rate, he said, affirming the authority also plans to attract more foreign
companies specialized in oil industries and investment. Oil remains one of the key Yemeni exports whose revenues account for 70 per cent of the state budget. FR