Yemen urges oil companies to resume activities on its territory

July 30, 2019

The internationally recognized government of Yemen has called on oil companies to resume exploration and production activities.

Yemen has urged local and international oil companies to relocate their main headquarters in Yemen to the interim capital of Aden,stated the Oil and Minerals Ministry.

The Yemeni economy relies on oil as a major resource since its discovery in the mid-1980s. Before the outbreak of the war, oil revenues accounted for 70% of state budget resources and 63% of the country’s total exports.

Before the wave of protests in Yemen in 2011, the country produced more than 300,000 barrels per day of crude. For comparison, Yemen’s oil production recorded its highest level in 2001, reaching about 466 thousand barrels per day, and recorded its lowest levels at the beginning of last year. With a production of 11000 barrels per day .

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