Key companies
- Total is largest resource holder due to interest in Yemen LNG
- Partners are: Hunt Oil and SK Energy
- Occidental is most significant IOC not in Yemen LNG
- Acreage, reserves and production reduced following expiry of Masila block in 2011
- Its East Shabwa (Block 10) is due to expire in 2015 - extension unlikely to be granted
- Nexen was also a key player in Yemen until expiry of Masila block (Block 14)
- Low capex in 2013 reflects maturity as an oil producer
- Spending likely curtailed until licence extensions are negotiated
Licensing
- In 1990s, PSC terms became less favourable following spate of discoveries and developments
- Led to many relinquishments in mid-1990s
- Yemen subsequently improved the terms on offer and 14 PSCs were signed in 1997-98
- Four rounds held between 2004-7
- However, work programmes were held up by delays to the award ratification process
- 2006 licences were only ratified in 2009
- For the 2007 bid round for offshore blocks, no bids were received and bid round was abandoned
- Deepwater blocks are far from infra, in insecure areas and prospectivity unknown - unlikely to attract much interest
Yemen LNG
