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FinancialNews


  • 13-02-10

    Total to invest $32 million in Yemen

    (MENAFN) The Yemeni government said that it has signed a preliminary deal with France's Total for oil exploration in its southeast for an investment of $32 million, Saba reported. Yemen's state news agency said Total will invest $32 million in two stages in oil exploration in sector 85 of Yemen's Shabwa province, and will dig at least four exploratory wells. Total is already operating in Yemen, a small oil producer with output of around 300,000 barrels per day. A $4.5 billion Total-led liquefied natural gas (LNG) plant in Yemen started production in October, with a 322-kilometer pipeline linking gas fields in Maarib, east of Sana'a, to the coast. Yemen relies on oil revenues for 70-75 percent of public revenue and over 90 percent of export earnings.

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