Poverty sometimes is a blessing in disguise. Yemen does not have to worry about anything because we do not have sovereign funds to invest abroad and all our wealth is inside the country. The kind of wealth that does not make us loses our sleep or gives us a headache. We are secure and the global economic meltdown does not affect us.
Recently discovered gas, which we will soon export, will generate income for Yemen. We have been consulting experts on the oil reserve to calculate the level of benefit in addition to the promising gas projects so that we can increase our expenditure on development projects. There are 30 oil exploration companies currently working in Yemen which have guaranteed the existence of large oil reserves although the size is yet to be ascertained.
Our Leader is serious in developing oil investment laws which are three-pronged: One for oil, one for gas and the third for oil and gas together. We shall develop the existing laws and make them more suitable at a time when the world is facing financial crisis and our leader believe this crisis has a positive side because investors will want to invest in a country which is safe for investments.
Oil is vital to our development and our current production is around 280,000 bbl. /d provides the main source of income. Yemen contains oil in place of 10.9 billion barrels and had produced 2.7 Billion barrels in 2011.
With natural gas reserves of 18.2 trillion cubic feet, Yemen has considerable potential as a natural gas producer and exporter. The bulk of Yemen's gas reserves are concentrated in the Marib-Jawf fields.
The MOM continued to give more attention to exploration for additional reserves by offering more attractive contract terms to international oil companies. As a result 60 new PSAs have been signed and ratified during the years 1997 until mid-2004 plus many MOUs with other companies.
Finally, the MOM conferred the International Oil Companies (1.O.C.s.) an opportunity to become a significant producer of oil and gas for the worldwide market, since most of Yemen yet to be explored and still much room for more exploration.
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